19 January 2022 

Advance Energy plc

("Advance Energy" or the "Company") 

Buffalo-10 Well Drilling Update

Advance Energy (AIM:ADV), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, provides the following update on the Buffalo-10 well.

The Operator, Carnarvon Petroleum Timor, Lda., has advised that, since the last announcement on 14 January 2022, the 9 ⁵/₈" casing has been successfully cemented in place and drilling has reached total depth of around 3,415 metres Measured Depth ("MD") in the 8 ½" hole section.

Observations from Logging While Drilling ("LWD") tools have identified that the primary reservoir has been intersected, with indications of hydrocarbons as anticipated in the Elang.

The top Elang reservoir was intersected at a depth of around 3,338 metres MD, which was approximately 80 metres low to prognosis and outside the pre-drill range of expectations.

The interpretation from the LWD tools and drilling information is that an approximate 12 metre gross oil column was encountered. Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column.

The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field.

The Buffalo-10 well is being drilled offshore Timor-Leste in the TL-SO-T 19-14 PSC in which Advance Energy holds a 50% interest.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

Qualified Person's Statement:

Mr Leslie Peterkin, CEO at Advance Energy, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Peterkin studied Physics at St. Andrews University achieving 1^st Class Honours followed by a PhD. Mr Peterkin has over 30 years' experience in the oil and gas industry.