While the paint is drying for arrival of NTP at Corvus 2 and its subsequent drill prior to spud at D2, I thought I'd post my thoughts on AC's Proactive Investor presentation re Buffalo. In particular, he stated they are looking to drill the first well in first quarter 2020. So the previously announced 2019 time frame has been set aside. Why! Well he also said the PSC with TL is well advanced as well as negotiations for licence requirements with the Aus authority. So their decision to seek a farminee seems to loom as the real reason for the delay.
It has been mentioned that they are unlikely to sign the PSC for Buffalo without/until ratification has been agreed. Initially I thought that made sense, until I saw that ENI don't seem to be concerned with the ratification process as they are about to drill the Kanase 1 well this month. It lies in the Joint Petroleum Development Area somewhere near Kitan Anchorage. They have contracted the Maersk Deliverer and that passed through the Lomboc Strait overnight now in the Timor Sea heading that way. Additionally, the Maersk Mariner has left Dampier with a pop up destination of Kanase JPDA on its Marine Traffic popup.
Of course ENI have had the Kanase interest for some time so any PSC would have been long since negotiated and signed with the JPDA. Which begs the question why couldn't Buffalo PSC have been agreed and signed with the JPDA and have it roll over to sole TL ownership on ratification as will no doubt ,all other existing PSCs for the area.
Anyway, just musing while we await some drilling at Dorado 2.
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