Advance Energy (ADV)

[Proselenes]

Web site : https://www.advanceplc.com/

Our vision is to provide exceptional returns to our investors by unlocking hidden value in discovered oil & gas assets.

Latest presentation : https://www.advanceplc.com/media/1070/a ... e-2021.pdf


Looks to me like a Jadestone (JSE) in the making for the future.

Q1 2022 should have results from the Buffalo project drilling, which is lower risk but significant rewards if successful.

[Proselenes]

Latest update on Buffalo.


https://www.investegate.co.uk/advance-e ... 00073358V/

Buffalo Project Update

Advance Energy ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, provides the following update on the Buffalo project offshore Timor-Leste (the "Buffalo Project") ahead of the drilling of the Buffalo-10 well.

The Operator of the Buffalo Project, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is completing its final operation with another operator, with rig handover now expected to occur in late December 2021, instead of mid-December as previously guided.

The Company notes that the delays are not related to the performance of the rig or preparation by the Operator.

The Buffalo-10 well is designed to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the 2C certified resources of 34.3 MMstb to 2P (proved plus probable) reserves following re-certification.

A further update will be provided upon mobilisation of the drilling rig to the Buffalo Project location.

Leslie Peterkin, CEO of Advance Energy, commented:

"These delays are part and parcel of the industry, and we look forward to a successful handover in late December. Our excitement for the well continues to grow as we get closer to unleashing the value of the Buffalo Project."

[Proselenes]

[Proselenes]

Drilling of Buffalo-10 has commenced. One to keenly watch, upside on success is considerable. News from partner Carnarvon

https://www.asx.com.au/asxpdf/20211231/ ... 1xtbts.pdf

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[Proselenes]

Interview with the CEO

https://twitter.com/i/broadcasts/1mnxedwMYDbJX

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[Proselenes]

Malcy interview with the CEO today, Youtube link below :

https://www.youtube.com/watch?v=veup54vD6Ec

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[Proselenes]

Carnarvon on ASX has gone into Trading Halt

This means big news is now coming, be it good or bad..........hopefully they have struck oil and hence the trading halt on ASX. ASX rules are very strict and once anything material is known to even insiders then the stocks trading has to be halted ahead of a news release to the market.

So fingers crossed......its oil shows in the reservoir.......

[Hallucigenia]

They screwed up the seismic interpretation, things aren't where they thought they were. Currently down 80% :

https://www.investegate.co.uk/advance-e ... 50459389Y/

The top Elang reservoir was intersected at a depth of around 3,338 metres MD, which was approximately 80 metres low to prognosis and outside the pre-drill range of expectations.The interpretation from the LWD tools and drilling information is that an approximate 12 metre gross oil column was encountered. Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column.The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field.

[Proselenes]

Major mess up................thats their reputations down the pan..........