It follows March s £21mln share placing and provides a high-potential, production-led growth project.
Advance Energy PLC (LON:ADV) told investors it completed the acquisition of an interest in the Buffalo PSC, offshore Timor-Leste.
The transaction, which constitutes a reverse takeover, sees the company acquire a 50% stake in the Carnarvon Petroleum Timor vehicle which owns 100% of the Buffalo PSC.
The company noted that shares in the enlarged company will begin trading on the London Stock Exchange at 8:00am today.
Along with the acquisition, the company recently issued new shares in a £21.84mln placing, selling 840.1mln new shares priced at 2.6p each.
Advance Energy really pleased to complete Buffalo acquisition after such an unprecedented year
Advance Energy PLC s (LON:ADV) Leslie Peterkin talks to Proactive London about the completion of the acquisition of an interest in the Buffalo PSC, offshore Timor-Leste.
The transaction, which constitutes a reverse takeover, sees the company acquire a 50% stake in the Carnarvon Petroleum Timor vehicle which owns 100% of the Buffalo PSC.
Peterkin says having completed this deal after such an unprecedented year is testament to Advance s track record .
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Advance Energy to acquire 50% stake in Buffalo project offshore Timor-Leste 1 April 2021 (Last Updated April 1st, 2021 16:10)
UK-based Advance Energy raised capital to acquire a 50% interest in the Buffalo project located offshore Timor-Leste.
The Buffalo oil field is located in the Bonaparte Basin, offshore Timor-Leste. Credit: kmans / Pixabay.
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UK-based Advance Energy raised capital to acquire a 50% interest in the Buffalo project located offshore Timor-Leste.
Carnarvon Petroleum Timor, a unit of Carnarvon Petroleum, owns 100% interest in the Buffalo Production Sharing Contract (PSC).
Advance Energy will purchase the stake by taking 50% interest in Carnarvon Petroleum Timor.
On a free carried basis, Advance Energy will fund the Buffalo-10 offshore well for up to a cap of $20m.
15 February 2021 | 14:51pm
StockMarketWire.com - Advance Energy provided an update on the Buffalo oil field, reporting that Carnarvon Petroleum has awarded a drilling management services contract to Petrofac for the B-10 appraisal well.
The B-10 appraisal well is expected to be drilled in the second half of 2021, subject to funding, rig availability and government approvals. Advance Energy entered into a subscription agreement with Timor-Leste Petroleum, a subsidiary of Carnarvon, to obtain up to a 50% equity interest in Carnarvon Petroleum Timor in December.
Carnarvon Petroleum holds a 100% working interest in the Buffalo oil field. It is currently making drilling preparations for the B-10 appraisal well, which is designed to drill the crest of the structure with the objectives of re-certifying resources into reserves and finalising the development plan for this proven oil field.