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.
East Timor could pocket just over $600 million if the Buffalo-10 exploration well, due to be drilled late October, is successful. The operator, Australia’s Carnarvon Petroleum, as well as UK partner Advance Energy, said yesterday that they have secured a jack-up drilling rig for the probe at the historic Buffalo field offshore East Timor.
Australia’s Carnarvon Petroleum is one step closer to seeing what BHP and Nexen left behind at the historic Buffalo field offshore East Timor. An exploration well is set to be drilled in late 2021 following the completion of a farm-out deal with UK-listed Advance Energy.
A Faroese delegation has been in Aberdeen last week for discussions with five key oil companies, the Oil and Gas Authority, Oil and Gas UK and at least one major subsea contractor regarding future Atlantic Frontier prospects.