- Carnarvon Energy (CVN) reports that the Buffalo-10 well in the Buffalo oil field in the Timor Sea is considered uncommercial following completion of wireline logging operations
- The well was a part of a redevelopment program and was intended to penetrate an existing oil column to assess the extent of the revised mapped attic oil column.Following the company concluded the oil column was residual
- Managing Director Adrian Cook says the results are disappointing for shareholders
- Carnarvon Energy will shift its attention to the start of the Pavo-1 and Apus-1 exploration wells located offshore Western Australia, within the next month
- CVN shares fall 5.26 per cent to 27 cents
Carnarvon Energy (CVN) has deemed the Buffalo-10 well as part of its joint-ventured Buffalo project located in the namesake oil field in the Timor Sea as uncommercial.
The well was drilled offshore Timor-Leste in the TL-SOT 19-14 production-sharing contract in which Carnarvon and Advance Energy hold an interest of 50 per cent each.
Through the agreement, Advance Energy funded the drilling work, which kicked off on December 31.
The well was a part of a redevelopment program and was intended to penetrate an existing oil column to assess the extent of the revised mapped attic oil column.
Carnarvon today confirmed that following wireline logging operations, the oil column was deemed to be residual and uneconomic.
Carnarvon Energy Managing Director Adrian Cook said the results were disappointing for the company and shareholders.
The company said it would turn its attention to the start of the “high-impact” Pavo-1 and Apus-1 exploration wells in the Bedout basin within the next month.
CVN shares shed 5.26 per cent to be trading at 27 cents at 10:59 am AEDT.