Recent drilling results were disappointing
Advance seeks to rebound after Timor Sea miss
The firm plans to secure another deal before the end of 2022 following poor results at the Buffalo field, interim CEO Larry Bottomley says
AIM-listed independent Advance Energy saw disappointing results from its Buffalo-10 well offshore Timor-Leste, but the firm intends to have another venture in place by the end of this year, interim CEO Larry Bottomley tells Petroleum Economist. Advance was attempting to develop the decommissioned Timorese oilfield in conjunction with ASX-listed independent Carnarvon, with both companies holding 50pc stakes. Carnarvon deemed the project to be very low risk, while Advance was brought in to help manage the scheme’s capital. The competent persons’ review shared that confident assessment, rating the probability of commercially viable volumes as high. Recent drilling results were disappointing, ho
Also in this section
3 December 2024
Papua New Guinea’s LNG sector appears to be back on track, with other projects in the pipeline
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
