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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