Advance Energy PLC advancing on Buffalo funding, finalising capital raising
In December 2020, Carnarvon Petroleum announced an agreement with AIM-listed Advance Energy PLC to join as a partner in the Buffalo project.
The project will assess and then work to produce the remainder of the recoverable oil in the Buffalo field in the most efficient manner.
Current best estimates show there are around 31 million barrels to produce and given the nature of this field, we expect those barrels to be produced in a very cost-effective manner.
Advance Energy is completing its capital raising which the Advance team advises us is progressing well.
The objective is for the funding to be in place and the farm in to be completed by the end of next month.