Advance Energy PLC (AIM:ADV) (Advance Energy PLC (AIM:ADV)) said drilling will start at the Buffalo-10 well in East Timor "within one week" following the mobilisation of the jack-up rig.
"The drilling of this well is transformational to Advance Energy, representing a material value catalyst for the company and our shareholders," Chief executive Leslie Peterkin.
The Valaris JU-107 jack-up rig is currently en-route to the well, the statement said.
The well is being drilled to test for the presence of commercial quantities of high-quality light oil that is expected to lead to the early re-development of the Buffalo field. The wider aim is to convert a contingent resource to proved and probable (2P) reserves of oil.
The programme, which will be overseen by Buffalo field operator Carnarvon Petroleum, will take 35 days. If oil is found in the quantities expected it is likely that Buffalo-10 will then be suspended for re-entry as a production well.
Advance Energy specialises in taking non-operated stakes in oil fields. Buffalo is a formerly closed-in well, Carnarvon believes as having huge untapped potential.