Advance secures entry to Buffalo project offshore Timor-Leste

April 20, 2021
Advance Energy has completed its acquisition of a 50% stake in Carnarvon Petroleum Timor.

Offshore staff

PERTH, AustraliaAdvance Energyhas completed its acquisition of a 50% stake in Carnarvon Petroleum Timor.

The latter holds a 100% interest in the Buffalo PSC, offshore Timor-Leste.

Under the terms of a transaction agreed to last December with Carnarvon Petroleum, Advance Energy will fund the drilling of the Buffalo-10 well, due to spud later this year, up to $20 million on a free-carry basis.

The partners then plan to seek development funding from third-party lenders with any further funding needs provided by Advance as an interest-free loan.

Carnarvon managing director and CEO Adrian Cook said: “The joint venture will move to develop the field quickly to take advantage of the strengthening oil markets.

“This will be achieved by suspending the well as a future production well and commencing early development studies during 2021. The Buffalo field has the advantage of being in shallow water which enables a low cost project.”

04/20/2021