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Ann: Buffalo-10 Drilling Update, page-58

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Goldfarm

4,653 Posts.

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20/01/22

07:31

Post #: 58993665
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Originally posted by jophda: ↑

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 .

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Yes. Buff was the entree side show. But still disappointing.

CVN Price at posting: 34.5¢ Sentiment: Buy Disclosure: Held
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