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It's certainly over for Buffalo, nothing surer than that. The future is different. Unless LP etc just want to give up which I don't see happening then likely scenario is that ADV do find another project, raise funds and go again. I'll be watching to see if any directors jump ship first.
well its over nothing left
"ADV can buy the rights for cheap from CVN now and be 100% owner and then raise a small amount to sidetrack if needed. All is not lost. CVN just can't be bothered because they have dorado to fall upon."
Carnavon are the operator, they have been approved by the East Timor authorities as being qualified to operate. Advance have specifically stated their strategy is to take a share in opportunities as a non-operator as they don't want to employ the resources required to operate.
There is no scenario where Carnavon can walk away and Advance continue - Carnavon have to be involved, the decision has to be made now while the rig is onsite and Advance do not have the money to cover their share.
Utter vultures here and its not those that are realistic about the situation, its those ramping the hell out of this and pointing to 17 year old articles about a completely different oilfield just because it happened to have the same gross pay.
If they relinquish for free, as that would make sense as it's worth it for them anymore... we may have the cash to sidetrack then on our own.
If they want nothing further to do with it then surely their 50% is relinquished to us.
Think Calamari has a massive short in play here... he's banging on just the negativity since yesterday!
ADV can buy the rights for cheap from CVN now and be 100% owner and then raise a small amount to sidetrack if needed. All is not lost. CVN just can't be bothered because they have dorado to fall upon.
You clearly have a short going on:
1. They do have money
2. If this is good enough for a small player ADV could sell their rights to it
Clown
looks like its over the acording to that article
'this is probably the end of the (Buffalo) project for us. We have enough on that’s value accretive for us to be focusing our attention in Western Australia,”'
https://www.energyvoice.com/oilandgas/asia/381042/carnarvon-gives-up-as-widely-anticipated-buffalo-probe-disappoints-offshore-east-timor/
“This is a disaster in my opinion. I am not sure how they will spin it. They are no further advanced than the previous operator. There is no vast attic accumulation. As I had thought, the (FWI) reprocessing by DUG was not done with proper geological input. The 80m low to prognosis is a terrible result,” one industry expert told Energy Voice.
Sidetrack would be successful as we know the column is there and if the NET oil column is big enough to sidetrack into, it'll be a massive turnaround. In fact I believe multiple sidetracks from one well are possible iirc.
Doesn't sounds good:
https://energyvoice.com/oilandgas/asia/381042/carnarvon-gives-up-as-widely-anticipated-buffalo-probe-disappoints-offshore-east-timor/
Any good news regarding a sidetrack would get the SP moving up sharply.imo
If we close near 1p today that would be a good sign. Imo