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.