Advance Energy PLC (AIM:ADV) has reiterated that changing its strategy to become self-funding following the disappointing outcome from the Buffalo Well remains the right decision, as it reported full-year results.
In September 2022, the junior announced that it was negotiating a reverse takeover of a European oil and gas company for a combination of new shares and earn-out based on oil production.
Heads of terms included an exclusivity period up to October 29, 2022, with Advance Energy shares suspended until the deal’s conclusion, though Monday’s statement reiterated that was not guaranteed.
Losses in the year to end-April 2021 reflected the costs associated with the Buffalo well and rose to US$27.4mln (2021: US$2.85mln).