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19 April 2021 | 09:52am StockMarketWire.com - Energy company Advance Energy said it had completed the acquisition of a 50% stake in Carnarvon Petroleum Timor Unipessoal Lda. Carnarvon Petroleum Timor, hold a 100% working interest in, and is the contractor of, the Buffalo PSC, offshore Timor-Leste. Under market rules, the acquisition constituted a reverse takeover of the company. On admission - of the 840,100,000 placing shares used to fund the subscription by Advance Energy for equity in Carnarvon Petroleum Timor - completion of the Buffalo subscription agreement would become effective in escrow following completing of the acquisition, expected in 21 April. At 9:52am: [LON:ADV] share price was 0p at 0.24p ....
IN BRIEF: Advance Energy completes purchase of 50% stake in Carnarvon lse.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lse.co.uk Daily Mail and Mail on Sunday newspapers.
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. Share Article 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. ....