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Advance Energy buys 50% interest in Buffalo project

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Oilfield Technology,

Carnarvon Petroleum has announced that Advance Energy has, subject to shareholder approval, successfully raised the capital to acquire a 50% interest in the Buffalo project offshore East Timor.

In return Advance Energy will fund the Buffalo-10 well on a free carried basis up to a cap of US$20 million. This means the drilling will be at no cost to Carnarvon unless the well costs more than US$20 million. The transaction has been approved by the government of Timor-Leste.

It is expected that the transaction will complete after Advance Energy receives shareholder approval, which is scheduled for mid-April 2021.

Carnarvon has also continued to make progress to drill the Buffalo-10 well this year. Tendering and procurement processes are already underway, including negotiations to secure a drilling rig.

Carnarvon Managing Director and CEO, Adrian Cook, said: “We congratulate Advance Energy on their capital raise and welcome them to this exciting project. The project team is well advanced in their work to drill the Buffalo-10 well in 2021. The well will be suspended so that it can be used for future production. Development plans will also be progressed this year so that it provides us with the opportunity to execute the planed operations to first oil in a short period of time. The Buffalo project is progressing well and looks to be positioned for a window in time where there are now forecasts of shortages of quality oil from projects like Buffalo”.

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