Carnarvon confirms Buffalo-10 well offshore East Timor is a dud

Carnarvon confirms Buffalo-10 well offshore East Timor is a dud

Carnarvon Energy (ASX:CVN) has today confirmed that the Buffalo-10 exploration well offshore East Timor is uncommercial.

“The wireline logging operations have been completed with the oil column deemed to be residual and uncommercial. The well will be left in a safe condition and the rig demobilised,” the company said in a statement.

Drilling at the redevelopment project was targeting a potential oil bonanza, which now seems unlikely. Carnarvon and UK-listed Advance Energy (LON:ADV) were hoping to hit an 80-metre oil column and potential 34 million barrels of remaining oil in the attic area of the Buffalo field.

Carnarvon gives up as widely anticipated Buffalo probe disappoints offshore East Timor

Carnarvon Energy managing director, Adrian Cook, told Energy Voice last week that the results were disappointing and that his company will now focus on its projects in the Bedout basin offshore Western Australia.

The Buffalo-10 well was drilled offshore East Timor, also known as Timor Leste, in the TL-SO-T 19-14 PSC in which Carnarvon holds a 50% interest and Advance holds the remaining share.