Advance Energy PLC (AIM:ADV) said the rig handover at the Buffalo project (offshore Timor-Leste) has been delayed by a week or two.
Carnarvon Petroleum Timor, the operator of the Buffalo Project, has been advised that the Valaris JU-107 jack-up rig is completing its final operation with another operator, and the rig handover now expected to occur in late December 2021, instead of mid-December as previously guided.
Advanced Energy stressed that the delays are not related to the performance of the rig or preparation by the operator.
The rig will be used to drill the Buffalo-10 well to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the contingent certified resources of 34.3mln stock tank barrels to proved plus probable reserves following re-certification.
"These delays are part and parcel of the industry, and we look forward to a successful handover in late December. Our excitement for the well continues to grow as we get closer to unleashing the value of the Buffalo Project,” said Leslie Peterkin, the chief executive officer of Advance Energy.