News listings

energy-pedia general news

Advance Energy announces corporate update


31 Jul 2020

Photo - see caption

AIM-listed Advance Energy, the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, has provided the following corporate update.

Further to the relaunch of the Company and completion of its strategic review in March 2020, the Company continues to progress a number of opportunities. Whilst it is yet to agree commercial terms in respect of such opportunities, the Board is encouraged by its initial due diligence and the multiple funding discussions it has initiated. This is in line with its focus on leveraging the deep industry experience and network of the management team to identify and unlock hidden value in discovered upstream projects that meet with required acquisition or farm-in criteria, and build a portfolio of non-operated positions generating at least 20 thousand barrels of oil equivalent per day net production by 2025.

The Company has not been impacted negatively by the ongoing COVID-19 pandemic and challenging market backdrop, and believes it will ultimately benefit as the industry recalibrates to the current environment resulting in a compelling deal-flow pipeline going forward.  The Company's focus is on discovered assets with existing production or near-term development upside, partnering with credible operators in jurisdictions in which the management team have deep knowledge, an existing network and understanding of risk mitigation.  

Advance Energy's differentiated business model is well tailored to the current climate in terms of maintaining low overheads by ensuring largely success-based remuneration, seeking non-operated positions enabling cost-effective exposure to suitable projects with limited geographical constraints, and utilising the commercial and technical capabilities of its management team to progress opportunities internally.

Commenting on the update, CEO Leslie Peterkin said:

'The industry has changed significantly since we re-launched the Company earlier this year and we believe that this will enhance our ability to deliver our differentiated strategy.  There will undoubtedly be more opportunities coming to market that will tick all our boxes in terms of providing immediate or near-term line of sight to cash flow and upside potential.  We believe our strategy is perfectly suited to the current climate in terms of being a small but well formed company, with a low-cost structure and wide-ranging industry experience capable of opening doors to credible operators and adding value to underperforming or non-core projects by leveraging our technical and commercial know-how.  We acknowledge that the uncertainty caused by the ongoing pandemic and subsequent commodity price volatility has created challenges in terms of transacting, however we are encouraged by the ongoing conversations we are having and our concurrent discussions regarding how we would fund any such transactions.  We hope to provide a more detailed update in due course as these discussions progress further.'

Original article link

Source: Advance Energy

 





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 356

Completed Deals

Completed Upstream Deals: 5475

Company Profiles

Current Company Profiles: 2720

Corporate Activity

Current Corporate Activity articles: 3485

Companies Looking

Current number of articles: 438

Company Sales

Current Company Sales articles:1419

Geostudies

Current Geostudies articles: 731

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

KL Publishing
SLR Consulting logo
Union Jack Oil 149
energy365
Bayphase
Geoespace
Rose & Assocs 149
Government of South Australia
OPC
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com