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    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.
    (Courtesy Carnarvon Petroleum)
    Carnarvon420 607ef93ff155e

    Offshore staff

    PERTH, Australia – Advance Energy has 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