Leslie Peterkin, chief executive of London-listed Advance Energy, will leave the company as part of a cost-cutting drive after a highly anticipated exploration well offshore East Timor failed to deliver commercial success. The company is now seeking growth through acquisitions.
East Timor could pocket just over $600 million if the Buffalo-10 exploration well, due to be drilled late October, is successful. The operator, Australia’s Carnarvon Petroleum, as well as UK partner Advance Energy, said yesterday that they have secured a jack-up drilling rig for the probe at the historic Buffalo field offshore East Timor.
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.
