UK: Advance Energy announces termination of Wessex Basin licences
10 Feb 2021
AIM-listed
Advance Energy, the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, has announced that offshore
P1918 Colter & Colter South licence, and onshore
PEDL 330 and PEDL 345 licences (together the Wessex Basin Licences ) have terminated with effect from 31 January 2021. The licences were operated by
Corallian Energy.
The Company s wholly owned subsidiary
Resolute Oil & Gas (UK) held an 8% non-operated working interest in the
P1918 licence. The second term of the P1918 Licence expired on 31 January 2021 without being renewed.
Onshore PEDL 330 & 345 Licences
The Company s wholly owned subsidiary Resolute held an 8% non-operated interest in the
IN BRIEF: Advance Energy Says Wessex Basin Licences Terminated
Wed, 10th Feb 2021 14:39
Advance Energy PLC - upstream oil and gas company - Says offshore P1918 Colter & Colter South licence, and onshore PEDL 330 and PEDL 345 licences are terminated, effective from January 31.
Notes subsidiary Resolute Oil & Gas UK Ltd held an 8% non-operated working interest in the P1918 licence but the second term of the licence expired without being renewed. Resolute also held 8% stake in the PEDL 330 and PEDL 345 licences but relinquished the licences in line with the operator s recommendation.
Current stock price: 0.26 pence
Year-to-date change: flat
Copyright 2021 Alliance News Limited. All Rights Reserved.