Advance Energy Share Discussion Threads

[fund1] 19/4/2021 07:08

Nice onwards and upwards from here now

[fund1] 06/4/2021 08:50

Yes buy and tuck them away

[therealtonythetiger] 05/4/2021 18:59

Advance Energy (ADV): 0.29p

Let’s throw what was only a few weeks ago a £5m market cap minnow into this year’s oily ISA consideration list and consider Advance Energy who, whilst the market was thinking about its upcoming Easter holiday, comfortably nailed a $30million capital raise to complete their acquisition of a significant 50% interest in the Buffalo Oil field in Timor-Lest. Through the Buffalo field, the company is targeting “exposure to material upside potential in 2021 with limited risk” and says that the now fully-funded B-10 appraisal well at Buffalo has potential to deliver production of 40,000 BOPD within 3 years of the drilling of B-10. Some big numbers there which oil drill speculators typically like, and those numbers combined with the lower risk appraisal nature of B-10 is going to attract a lot of interest for not only the “thrill of the drill investors” but more sensible types too and why not – Advance says that the Buffalo field originally developed by BHP and Nexen in 1999 produced 21 MMstb over 5 years and hit peak rates of 45,000 bopd from 2 previous wells before being shut-in in 2004 at 4,000 bopd.



The team at Advance claim that there is still considerable resource potential at Buffalo and say that modern 3D reprocessing has “delineated an undrilled crest” at Buffalo with certified 2C (contingent resources) estimated remaining oil in-place of 85 MMstb (stock tank barrels). Drilling is planned for H2 of 2021 and the highly experienced management team expect Buffalo to be the first addition to the Advance portfolio from a pipeline of other potential exciting opportunities. Speaking of the team, these guys have had senior leadership roles at several respected major to mid-cap oil and gas companies and have repeatedly identified and developed a number of significant oil and gas plays, importantly they have also put their money where their mouth is and have bought significant stakes in Advance. Given drilling success shareholders should be in safe hands. Note that there will be time between any successful drilling and first oil but with Advance modelling Free cash Flow at circa $276million in Buffalo’s first year of production it could well be worth waiting for. Buy for the lower risk drilling opportunity and management team, note the upcoming EGM on 16th April to approve acquisition and share consolidation.

[fund1] 03/4/2021 21:09

Yes working now. Good find definitely a good hold this.

[therealtonythetiger] 03/4/2021 20:18

Fundy sorry get rid of the hxxps://


audioboom.com/posts/7835209-advance-energy-ceo-leslie-peterkin-on-the-buffalo-psc-oil-project-30m-financing

[fund1] 03/4/2021 20:09

Link not working but great interview. Looks a great hold and still a bargain at these levels See if this link workshttps://youtu.be/Js0UkFudzpM

[therealtonythetiger] 01/4/2021 12:56

Advance Energy CEO Leslie Peterkin on the Buffalo PSC Oil Project & $30m Financing
hxxps://audioboom.com/posts/7835209-advance-energy-ceo-leslie-peterkin-on-the-buffalo-psc-oil-project-30m-financing

[therealtonythetiger] 31/3/2021 15:34

Thanks for your input Tom.

[74tom] 31/3/2021 14:03

I'd imagine the asset sellers are delighted to get £20m, Timor Leste looks like a very high risk place to do business... pass.

[therealtonythetiger] 31/3/2021 12:12

Fundy.
Yeah i struggled earlier but all good now..

[cashandcard] 31/3/2021 11:03

- The Company's Chairman, Mark Rollins, and Chief Executive Officer, Leslie Peterkin, have subscribed for, in aggregate, GBP0.43m of New Ordinary Shares pursuant to the Placing.

[the chairman elect] 31/3/2021 09:08

Start of the new tax year is next Tuesday 6th April

April is historically one of the best months of the year for small caps

New tax year ISA monies etc....

[richardp19] 31/3/2021 08:38

I'm sure everyone can buy now

[fund1] 31/3/2021 08:10

Can't buy any online

[the chairman elect] 31/3/2021 08:00

31 March 2021

Advance Energy plc

("Advance Energy" or the "Company")

Update re Proposed Reverse Takeover Transaction





Publication of Admission Document,

Notice of Extraordinary General Meeting,

Proposed Acquisition of 50 per cent. equity interest in Carnarvon Petroleum Timor,

Proposed Placing,

Proposed Board Appointments,

Proposed Adoption of Amended Articles,

Proposed Capital Consolidation,

Proposed Issue of Director and Senior Management Accrued Fee Shares and Accrued Fee Warrants,

Proposed Amendments to Articles,

Proposed Grant of Options,

and Restoration of Trading of the Existing Ordinary Shares



Advance Energy (AIM:ADV), an energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that, further to the subscription agreement with Timor-Leste Petroleum Pty Ltd (the "Buffalo Subscription Agreement"), as announced on 17 December 2020, the Company has now published an admission document dated 31 March 2021 (the "Admission Document"), incorporating a formal Notice of Extraordinary General Meeting, in relation to, inter alia, the conditional acquisition of a 50 per cent. equity interest in Carnarvon Petroleum Timor Unipessoal Lda ("Carnarvon Petroleum Timor") (the "Acquisition") and an associated conditional placing for New Ordinary Shares (as defined below) to raise, in aggregate, gross proceeds of £21,842,600 (the "Placing").



Carnarvon Petroleum Timor holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of the ASX listed company Carnarvon Petroleum Limited (ASX:CVN) and was incorporated in Timor-Leste in August 2018 to hold and manage Carnarvon Petroleum's interest in the Buffalo PSC.



Strand Hanson Limited ("Strand Hanson") is acting as Nominated and Financial Adviser to the Company and Tennyson Securities (the trading name of Shard Capital Partners LLP) ("Tennyson Securities") and Optiva Securities Limited ("Optiva Securities") are acting as joint Brokers to the Company.



The Acquisition constitutes a reverse takeover transaction pursuant to Rule 14 of the AIM Rules for Companies (the "AIM Rules") and, accordingly, is conditional on, inter alia, the approval of Shareholders at an Extraordinary General Meeting to be held at 9.00 a.m. (London time) on 16 April 2021 at FIM Capital Limited, 55 Athol Street, Douglas, Isle of Man, IM1 1LA.

Restoration of Trading

The Company's Existing Ordinary Shares were suspended from trading on AIM on 17 December 2020 pending the publication of an AIM admission document and following the announcement of the conditional Acquisition, classified as a reverse takeover under the AIM Rules. Following the publication of the Admission Document, the suspension of the Company's Existing Ordinary Shares is expected to be lifted and the Existing Ordinary shares are expected to resume trading at 7:30a.m. today.



Application will be made to the London Stock Exchange in due course for the Enlarged Share Capital to be admitted to trading on AIM. Admission of the Enlarged Share Capital to trading on AIM is expected to take place on or around 19 April 2021, subject to the passing of the Resolutions and the satisfaction of all other conditions.



Key Highlights :



· The Acquisition provides Advance Energy with an indirect beneficial interest in a proven oil field with material existing resources.

- The Buffalo Oil Field contains independently certified 2C oil resources of 34.3 MMstb.

- Previous operators (BHP and Nexen Petroleum Australia Pty Ltd) produced 21 MMstb from the Buffalo Oil Field, over five years, with no material decrease in reservoir pressure.

· Partnering with an established operator in the Carnarvon Petroleum group companies which operate the Buffalo Oil Field.

- Carnarvon Petroleum is a highly capable operator with an experienced in-house E&P team.

· Exposure to material upside potential in 2021 with limited risk.

- B-10 Appraisal Well is expected to be drilled in H2 2021 and is intended to convert the 2C resources to 2P (proved and probable) reserves following re-certification.

- Buffalo PSC has the potential, subject to completion of the Placing and FDP approval, to deliver production of 40,000 bopd within three years of the B-10 Appraisal Well depending on the degree of success of the B-10 Appraisal Well.

· Highly experienced Advance Energy Board and management team, with significant combined regional, technical and capital markets experience.

- Subject to the Acquisition completing, it is proposed that Stephen Whyte and Larry Bottomley will join the Board as independent Non-executive directors.

- The proposed Board will therefore consist of six directors comprising Mark Rollins as Non-Executive Chairman, Leslie Peterkin as Chief Executive Officer, Stephen West as Chief Financial Officer and three Non-Executive Directors.

· Proposed Placing

- The Company has conditionally raised £21,842,600 million (before expenses) (approximately US$30.03 million) via the proposed issue of 840,100,000 New Ordinary Shares (the "Placing Shares") at a price of 2.6 pence per New Ordinary Share (the "Placing Price").

- The net proceeds of the Placing are estimated at £20,008,873 (approximately US$27.51 million). The net proceeds will be used to fund the subscription by Advance Energy TL Limited ("AETL", a wholly owned subsidiary of Advance Energy) for equity in Carnarvon Petroleum Timor, which will be applied by Carnarvon Petroleum Timor to funding the drilling of the B-10 Appraisal Well and certain Buffalo PSC related costs and for the Company's general working capital needs.

- The Company's Chairman, Mark Rollins, and Chief Executive Officer, Leslie Peterkin, have subscribed for, in aggregate, £0.43m of New Ordinary Shares pursuant to the Placing.

· Proposed Capital Consolidation

- The Company is proposing a capital consolidation at a ratio of 10:1 such that, subject to the passing of the relevant Resolutions, Shareholders will be issued one new ordinary share of no par value ("New Ordinary Share") for every 10 existing ordinary shares of no par value (the "Existing Ordinary Share") currently held.



Further comprehensive information on the Buffalo PSC (including an assessment of the Buffalo Oil Field in a Competent Person's Report prepared by RISC Advisory Limited), the Acquisition and the Resolutions can be found in the Company's Admission Document (and the Notice of Extraordinary General Meeting set out therein), which is available on the Company's website at www.advanceplc.com and has been posted to Shareholders.





Leslie Peterkin, Chief Executive Officer of Advance Energy, commented :

"We're delighted to have completed this Placing, and we thank our new and existing shareholders for their belief in the Company and the investment opportunity we presented to them. The fundraise enables the completion of the transformative transaction with Carnarvon Petroleum and we can now look forward with confidence to the exciting B-10 appraisal well later this year which represents a material value catalyst for Advance Energy and its shareholders.



"The Buffalo PSC has the potential to deliver significant production and associated cash flow, with exceptional rates of return. The Board considers this project to be the ideal launchpad for our longer-term strategy, which focuses on achieving scale and generating shareholder returns.



"On behalf of the Board, I would like to welcome Stephen and Larry to Advance Energy, and we look forward to benefitting from their experience and insights going forward.



"The Company has a big year ahead and we look forward to updating the market as we deliver operational and corporate milestones."

ETC....

[therealtonythetiger] 31/3/2021 07:25

RNS in full..

[fund1] 31/3/2021 07:21

"The Company has a big year ahead and we look forward to updating the market as we deliver operational and corporate milestones."

[fund1] 31/3/2021 07:08

Trading resumes today

[therealtonythetiger] 15/3/2021 16:57

Some light reading from Carnarvon.


Carnarvon Petroleum Limited (“Carnarvon221;) (ASX:CVN) is pleased to update shareholders on the farm out of
the Buffalo project to Advance Energy Plc (‘’Advance’’).
Advance has released a presentation with respect to their capital raise which is available on their website:
hxxps://www.advanceplc.com/media-centre/presentations/
On 17 December 2020, Carnarvon announced a binding agreement with Advance where they will acquire up
to a 50% interest in the Buffalo project by funding the drilling of the Buffalo-10 well up to US$20m on a free
carry basis.
Development funding will be sourced by the newly formed incorporated joint venture from third party lenders
with any additional funding requirements (on top of that provided by third party lenders) will be provided by
Advance as an interest free loan.
Carnarvon Managing Director and CEO, Mr Adrian Cook, said:
“I am pleased to see Advance making progress on their funding activities in order to complete their farm-in to
the Buffalo project.
We look forward to completing our transaction with Advance shortly and then drilling the Buffalo-10 well later
this year"..

About Buffalo Redevelopment Project
Carnarvon was awarded the WA-523-P permit, which included the previously developed Buffalo field, in May
2016 for an initial six-year term. The Field was discovered by BHP in 1996 and subsequently developed using
four wells drilled from a small, unmanned wellhead platform installed in 25 metres water depth, tied back to
an FPSO. Production commenced in December 1999 at production rates up to approximately 50,000 stb/d and
terminated in November 2004 after the production of 20.5 MMstb of highly-undersaturated, light oil (53°API)
from the Jurassic-age Elang Formation. All existing facilities and wells were decommissioned and removed
prior to Carnarvon being awarded the permit.
Carnarvon initially focussed its technical work on reprocessing of the 3D seismic dataset using state-of-the-art
full waveform inversion (FWI) technology. This work supports the interpretation of a significant attic oil
accumulation remaining after the original development, based on sub-optimal positioning of early wells using
poorly processed seismic data. Reservoir modelling has been conducted using the latest structural
interpretation and available well data, including an extensive history-matching effort to calibrate model/well
performance to production rates and water-cut development (governed by strong aquifer drive) observed
during the original production period.
Based on this work, independently audited volumetric estimates of contingent resources in the Buffalo oil field
are 31.1 million barrels (2C) with low estimates of 15.3 million barrels (1C) and high estimates of 47.8 million
barrels (3C) - Refer to Carnarvon Petroleum’s ASX announcement on 28 August 2017.
Resource Information
The estimates of contingent resources included in this report have been prepared in accordance with the
definitions and guidelines set forth in the SPE-PRMS.
A combination of deterministic and probabilistic methods were used to prepare the estimates of these
contingent resources.
The resource estimates outlined in this report were compiled by the Company’s Chief Operating Officer, Mr
Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 20 years’ experience in
petroleum exploration and engineering. Mr Huizenga holds a Bachelor Degree in Engineering and a Masters
Degree in Petroleum Engineering. Mr Huizenga is qualified in accordance with ASX Listing Rules and has
consented to the form and context in which this statement appears.
Carnarvon is not aware of any new information or data that materially affects the information included in
this announcement and that all material assumptions and technical parameters underpinning the estimates
in this Presentation continue to apply and have not materially changed.

[sweet karolina2] 14/3/2021 00:00

They are expecting new investors to pay £5M for an empty shell with a track record of failure. Good luck with that.

[fund1] 11/3/2021 18:59

Be a great time as well with oil prices booming

[therealtonythetiger] 11/3/2021 13:21

RNS

Advance Energy plc (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, is pleased to announce that it will shortly be commencing marketing to potential investors to fund the investment into the Buffalo Field, details of which were announced on 17 December 2020. A copy of the presentation is available on the Company's website at hxxps://www.advanceplc.com/media-centre/presentations/



The Company looks forward to providing further updates in relation to the investment in the Buffalo Field as and when appropriate.



The Company's shares remain suspended from trading on AIM pending the publication of an Admission Document setting out full details of the potential transaction and convening a General Meeting of the Company, subject, inter alia, on the completion of a successful fundraise.

[sweet karolina2] 01/3/2021 18:15

"Each Party must use all reasonable efforts to satisfy the conditions precedent by 28 February 2021. Either party has the right to terminate the Buffalo Subscription Agreement if, at any time after 28 February 2021, it becomes apparent, acting reasonably and after consultation with the other party, the conditions to completion are unlikely to be satisfied by 31 March 2021."

First deadline missed. Still not even seen a prospectus. Clock is ticking to the final curtain on the JV, which must also be the final curtain for this uber dog with fleas.

[therealtonythetiger] 16/2/2021 16:53

Stolen from LSE..
hxxps://www.carnarvon.com.au/wp-content/uploads/2021/02/Buffalo-drilling-update.pdf