Advance Energy completes 50% acquisition in Buffalo PSC and Buffalo re-development

With the support from a Competent Person’s Report from RISC, Advance Energy plc has completed their admission of its Enlarge Share Capital on AIM, raising over £21 million and hence completing their 50% acquisition in Carnarvon Petroleum Timor, contractor of the Buffalo PSC and Buffalo re-development.

RISC’s CPR included an independent subsurface, development and project economics evaluation for the Buffalo PSC. The work was completed in consultation with Strand Hanson who are acting as nominated advisor in connection with the AIM admission.

To read the full release statement from Advance Energy please click here.

Buffalo PSC – offshore Timor-Leste