- Carnarvon Energy (CVN) is continuing to drill the Buffalo-10 well, located in the Buffalo oil field in the Timor Sea
- The energy stock reports the conductor has now been installed and cemented in place in the well, with a 17½ hole drilled to 804 metres
- Next steps for CVN will be to set and cement a 13⅜ casing and install a wellhead, before drilling will continue to 2800 metres
- The business says it isn’t expecting to intersect hydrocarbons when it begins drilling this next section of the well
- Company shares are trading at 34 cents per share
Carnarvon Energy (CVN) is continuing to drill the Buffalo-10 well, located in the Buffalo oil field in the Timor Sea.
CVN is hoping to redevelop the oil field, which resides in only 30 metres of water with a reservoir depth between 3200 and 3300 meters below the sea bed.
The Buffalo-10 well is planned to penetrate the existing oil column, with the well to be retained as the first production well in the redevelopment program.
In its latest update released to the market on Thursday, the energy stock reports the conductor has now been installed and cemented in place in the well.
The company added that a 17½ hole has been drilled down to a total section depth of 804 metres.
The next steps for CVN will be to set and cement a 13⅜ casing and install a wellhead before drilling will continue to 2800 metres in a 12 ¼ hole.
Once the drilling hits that depth, a 9 ⅝ casing will be set.
Carnarvon Energy said it wasn’t expecting to intersect any hydrocarbons when it begins drilling this next section of the well.
Shares in CVN are trading at 34 cents per share during Thursday’s mid-afternoon trading session.