Advance Energy Becomes Cash Shell as East Timor License Lapsed

By Jaime Llinares Taboada

Advance Vitality PLC mentioned it is going to change into a money shell in accordance with AIM guidelines on Friday, as its Buffalo oil license in East Timor will lapse on that day.
The oil-and-gas firm mentioned the operator of the challenge has elected to not enter the following interval of the manufacturing sharing contract for Buffalo.

Advance now has six months to make an acquisition or change into an investing firm and lift no less than 6 million kilos ($7.6 million).
Advance mentioned it’s evaluating oil-and-gas alternatives with an emphasis on materiality and money circulation technology.

                        

                

					

                     
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Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT