Join our daily newsletter At The Bell to receive exclusive market insights
- Drilling operations have commenced at Carnarvon Energy’s (CVN) Buffalo-10 well, located in the Buffalo oil field, in the Timor Sea
- The company says the top hole section has been drilled down to around 120 metres, with other operations involving the installation and cementing of the conductor
- Once the surface casing has been cemented in place, the rig will drill a 17.5-inch hole to a planned section depth of approximately 800 metres measured depth
- Carnarvon is working with its project partner, Advance Energy, on plans to compress the timeline to first production once commercial oil resource is confirmed
- Shares have been up 1.5 per cent, trading at 35 cents
Drilling operations have commenced at Carnarvon Energy’s (CVN) Buffalo-10 well, located in the Buffalo oil field, in the Timor Sea.
Since arriving at the Buffalo-10 well location, the rig has successfully concluded preparations for drilling and has drilled the top hole section following a delay caused by a tropical weather system.
As part of a redevelopment program, the well is intended to penetrate an existing oil column to assess the extent of the revised mapped attic oil column.
The company says the top hole section has been drilled down to around 120 metres. Other operations involve the installation and cementing of the conductor, which will provide the structural foundation for the well.
According to Carnarvon, once the surface casing has been cemented in place, the company will first drill a 17.5-inch hole to a planned section depth of approximately 800 metres measured depth.
This will be followed by setting the approximate 13-inch casing before subsequent drilling begins.
Carnarvon is working with its project partner, Advance Energy, on plans to
compress the timeline to first production once the well confirms a commercial oil resource.
These plans reportedly include engaging with local industry for the supply and installation of suitable equipment to produce the oil.
Shares were up 1.5 per cent, trading at 35 cents at 10.44 am AEDT.
