Timor Leste: Carnarvon's Buffalo project advancing to drilling 01 Apr 2021 farm out of the Buffalo project to Advance Energy and the Buffalo 10 well. Advance Energy has, subject to shareholder approval, successfully raised the capital to acquire a 50% interest in the Buffalo project. In return Advance Energy will fund the Buffalo-10 well on a free carried basis up to a cap of US$20m. This means the drilling will be at no cost to Carnarvon unless the well costs more than US$20m. The transaction has been approved by the government of Timor-Leste. It is expected that the transaction will complete after Advance Energy receives shareholder approval, which is scheduled for mid-April 2021.