Ann: Buffalo-10 Drilling Update, page-56

The whole premise of this well was that the seismic reprocessing showed there was significant updip reservoir that had not been drained by the previous production .
Hitting the top of the reservoir 80m low means that the geological model produced by the reprocessing was wrong .
The oil left in the structure is a lot less than they hoped for .
Best result is a marginally profitable project but more likely there is not enough oil left there to justify development .

I would like to be wrong of course but the implications of losing 80 m of structural closure are fairly clear let alone the small amount of net reservoir .

One down two to go .

Quite a kick to lose the relatively short term revenue this project would have given but disappointments are just part of this business .

Two big exploration wells to come fingers crossed .