Recent drilling results were disappointing
Advance seeks to rebound after Timor Sea miss
The firm plans to secure another deal before the end of 2022 following poor results at the Buffalo field, interim CEO Larry Bottomley says
AIM-listed independent Advance Energy saw disappointing results from its Buffalo-10 well offshore Timor-Leste, but the firm intends to have another venture in place by the end of this year, interim CEO Larry Bottomley tells Petroleum Economist. Advance was attempting to develop the decommissioned Timorese oilfield in conjunction with ASX-listed independent Carnarvon, with both companies holding 50pc stakes. Carnarvon deemed the project to be very low risk, while Advance was brought in to help manage the scheme’s capital. The competent persons’ review shared that confident assessment, rating the probability of commercially viable volumes as high. Recent drilling results were disappointing, ho
Also in this section
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
