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Oil & Gas / Asia

Advance bullish on Buffalo bonanza off East Timor

UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.
By Damon Evans
12/04/2021, 11:51 pm Updated: 13/04/2021, 11:19 am
Photo of Damon Evans
A mural of the East Timorese flag on a wall in Dili, the capital of East Timor. Photo by Damon Evans.
A mural of the East Timorese flag on a wall in Dili, the capital of East Timor. Photo by Damon Evans.

UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.

The operator, Australian-listed Carnarvon Petroleum, and new partner Advance Energy, are hoping to develop more than 30 million barrels of oil that previous operators, including BHP and Nexen Petroleum, appear to have missed.

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