(Alliance News) - Advance Energy PLC announced on Friday that it has made progress at its Buffalo-10 well, explaining that the operator had drilled to a depth of 2,707 metres.
The Buffalo project involves redeveloping the Buffalo oil field in the Timor Sea, to the south of Australia. The field resides in 30 metres of water with a reservoir depth between 3,200 and 3,300 meters below the sea bed.
The Isle of Man, UK-based energy company said the Buffalo-10 well is being drilled offshore within the TL-SO T19-14 production sharing contract in a water depth of approximately 30 metres with a target depth of approximately 3,500 metres.
The well is being drilled to test for the presence of commercial quantities of high-quality light oil, Advance Energy explained.
The operator, Carnarvon Petroleum Timor Lda, said that a 13 3/8 inch casing has been successfully cemented in place and the well head installed. A 12 1/4 inch hole section was then drilled down to a depth of approximately 2,707 metres measured depth, Advance Energy continued.
The rig is now setting and cementing the 9 5/8 inch casing before drilling ahead in the 8 1/2 inch section hole to a planned depth of approximately 3,500 metres measured depth.
In April 2021, Advance Energy completed a transaction that saw Carnarvon Petroleum acquire 50% equity interest in the Buffalo oil field.
Chief Executive Leslie Peterkin said: "We are pleased with the progress reported by the operator, and the fact that we remain on prognosis is an encouraging indication that the geophysical interpretation is as we predicted. This bodes well as we prepare to drill ahead into the target Elang reservoir."
Shares in Advance Energy were up 5.0% at 4.18 pence on Friday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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