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 disappointed. “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.