Leslie Peterkin, CEO of Advance Energy (LON:ADV) Presenting at the Proactive One2One Virtual Forum
28th October 2021
The Company was originally incorporated in September 2006 and announced its launch as Advance Energy in February 2020 with a new Board and strategy. The first transaction of this new strategy was the acquisition of a 50% interest in the Buffalo Oil Field in East Timor operated by Carnarvon Petroleum, a proven producing field with 2C contingent resources of 34 MMstb, and potential for gross peak production rate of 40,000 bopd based on the field’s previous production performance. The Company’s main focus is now on growth through acquisition or farm-in to non-operated interests in upstream projects where there is an opportunity to add significant value in the short to medium term. Unlocking hidden value is our main objective – to the benefit of our shareholders as well as our joint venture partners, host governments, and broader stakeholders. Many upstream assets present challenges to existing operators. These difficulties may be technical in nature, mis-alignment in the partnership, sub-optimal commercial arrangements, or simply funding constraints. One, or a combination, of these issues can present the opportunity for realisation of added value. We look to identify such assets and maximise their value using our unique insights from original technical work, commercial acumen or advantaged relationships.