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Carnarvon Hires Valaris Jack-Up Rig for Buffalo
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Carnarvon Picks Jack-up Rig for Buffalo Well in
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Timor Leste: Carnarvon Petroleum provides Buffalo-10 drilling update
11 May 2021
Buffalo-10 well, offshore Timor Leste.
Buffalo-10 well is planned to be drilled in the fourth quarter of 2021
US$20 million received from Advance Energy for the drilling of the well
Procurement of long lead equipment has commencedand is progressing well
The tender process for a drilling rig is nearing completion
Petrofac, who are undertaking the drilling management services for this well, have identified the necessary long lead equipment to ensure the Buffalo-10 well is able to drilled prior to the end of this year.
Following completion of the farmout to Advance Energy, as was announced 20 April 2021, Carnarvon received US$20 million to fund the drilling of the Buffalo-10 well. This means the drilling will be at no cost to Carnarvon unless the well costs more than US$20m.
May 11, 2021 A tender process for the drilling rig is nearing completion, with the requirement for a suitable jack-up rig to be available in the fourth quarter of this year, Carnarvon said. / Illustration only - Credit: Danial/AdobeStock
The tender process for an offshore drilling rig to be used for the drilling of Carnarvon Petroleum s and Advance Energy s Buffalo offshore well in the Timor Sea is nearing completion, and the spud date is scheduled for the fourth quarter of 2021, the companies said Tuesday.
Advance Energy recently paid US$20 million to acquire a 50% interest in the Buffalo PSC. The cash will be utilized for the drilling of the shallow water Buffalo-10 well offshore Timor-Leste. This also means the drilling will be at no cost to Carnarvon unless the well costs more than US$20m.
Timor Leste: Carnarvon Petroleum completes farmout of Buffalo project to Advance Energy
19 Apr 2021
B
uffalo project to
Advance Energy. Advance Energy and Carnarvon have satisfied all of the conditions precedent and all completion requirements have been met.
On
December 2020, Carnarvon announced that Advance Energy will acquire 50% of the Buffalo project by funding the drilling of the Buffalo-10 well up to US$20m on a free carry basis. Advance has met this funding requirement and now has a 50% interest in the project.
The Buffalo-10 well is on track to be drilled in late 2021, subject to securing a drilling rig, where the tendering process is already underway.
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