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
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
