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

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

Results from the highly anticipated Buffalo-10 well drilled by Carnarvon Energy (ASX:CVN) and Advance Energy (LON:ADV) offshore East Timor have disappointed. Drilling at the redevelopment project was targeting a potential oil bonanza, which now seems unlikely.

From a technical perspective the results of the Buffalo-10 probe disappointing. “The joint venture will make a decision on the way forward. But it’s fair to say that for Carnarvon, given the other projects that we have, with Dorado and the upcoming drilling of Apus, this is probably the end of the (Buffalo) project for us. We have enough on that’s value accretive for us to be focusing our attention in Western Australia,” Adrian Cook, managing director of Carnarvon Energy, told Energy Voice today.

For Carnarvon, which has a 20% interest in the Santos-operated Dorado field offshore Western Australia, that holds 150 million barrels, it is logical that the company needs to focus its attention there, as well as on upcoming drilling nearby Dorado. “Given that scale, it means the Buffalo project won’t be something we will take forward,” said Cook.