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
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
13 June 2025
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry
13 June 2025
The country is facing energy shortfalls this summer amid reduced Iranian gas imports and difficulties leasing an FSRU
