Advance Energy confirms start of drilling at Buffalo-10

Advance Energy announced on Friday that the Valaris JU-107 jack-up drilling rig had started operations at the Buffalo-10 well location, offshore Timor-Leste.

  • Beacon Energy NPV
  • 28 March 2024 16:50:22
Advance Energy

Source: Sharecast

The AIM-traded firm said the operator, Carnarvon Petroleum Timor, advised that the drilling rig successfully concluded the ready-to-operate process, and had drilled the surface hole and installed the surface casing.

It said the well was currently drilling ahead in the 17-and-a-half-inch hole section, at a depth of about 120 metres.

The rig would drill the hole to the planned section depth of around 800 metres, followed by the setting of the 13-and-three-eighths-inch casing.

Advance said the 12-and-a-quarter-inch hole section would then be drilled to around 2,800 metres, before setting the nine-and-five-eighths-inch casing.

No hydrocarbons were expected to be intersected in these first two sections of the well.

The company said the Buffalo-10 well was being drilled offshore Timor-Leste within the TL-SO T19-14 production sharing contract, in a water depth of about 30 metres, with a target depth of 3,500 metres.

Advance Energy said the well was being drilled to test for the presence of commercial quantities of high-quality light oil that was expected to lead to the early re-development of the Buffalo field.

“We are delighted to hear this progress from the operator as we hit another operational milestone,” said chief executive officer Leslie Peterkin.

“The joint venture is working hard to conclude the drilling programme in the coming weeks and remains confident that the Buffalo-10 well will be a geological and economic success.

“We look forward to providing further updates in due course.”

At 1110 GMT, shares in Advance Energy were down 1.47% at 4.19p.

N/A

Isin: N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account or Share Dealing ISA, we've got an account to suit your needs.

Lloyds Bank is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Allfunds

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Refinitiv Logo

© 2024 Refinitiv, an LSEG business. All rights reserved.