2 September 2021 

Advance Energy plc

("Advance Energy" or the "Company") 

Rig Contract Signed for Buffalo-10 Well

Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to provide an update on the Buffalo-10 well drilling operations.

Further to the announcement on 30 June 2021, in which the Company announced that the Operator, Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN), had agreed a Letter of Intent for a jack-up rig for the Buffalo-10 well, the Company is pleased to announce that the formal rig contract has now been signed with Valaris Limited (NYSE:VAL) for the VALARIS JU-107 jack-up drilling rig.

The VALARIS JU-107 jack-up drilling rig is currently working in the Timor Sea, on the Montara field 300 km southwest of the Buffalo field, and only a short tow away from the Buffalo field.

Carnarvon is expecting to take possession of the drilling rig upon the completion of the current drilling operations, which is currently planned to occur between mid-October 2021 and mid-November 2021. Once these operations are complete, the rig will mobilise to the Buffalo location to commence drilling the Buffalo-10 well.

The final well timing will be subject to securing the remaining drilling support services and equipment, and joint venture and regulatory approvals, all of which are well progressed.

The Buffalo-10 well is designed to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the 2C certified resources of 34.3 MMstb to 2P (proved plus probable) reserves following re-certification.

Commenting on the update, Advance Energy's CEO Leslie Peterkin said:

"We are pleased to see this contract finalised as it brings us one step closer to the drilling of the Buffalo-10 well which is on track to commence in 8-10 weeks.  The Joint Venture has contracted a first-class rig that is arriving hot from its current activities which ought to support the safe and efficient drilling of our well.

"The Buffalo-10 well has the potential to be truly transformative for Advance Energy and its shareholders given the materiality of the resources associated with the Buffalo field.  We are growing increasingly excited about securing a clear understanding of the field's long-term potential after an extended period of technical evaluation to get us to this point.  Given the significance of this event to our shareholders, we intend to provide regular updates at all the key milestones associated with the well."

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.