Buffalo is a short term project with limited upside apart from the revenue returned during the production period. Capex is not insignificant, and Opex is in the vicinity of 3-400m per year, not something CVN could support on its own as it stands. Dorado is now a proven resource, long term, supported by an experienced production partner (albeit not the best in the business), and with significant possible upside from adjacent fields. I know where I'd rather spend my limited resources. Apart from a short term SP sugar hit, I don't understand the obsession some shareholders have with Buffalo. Sure it's nice to have in the portfolio and will benefit shareholders if the attic is proven by the drill, but it is not the main priority right now as I see it.
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- Santos spells out its plans - big on Dorado
Santos spells out its plans - big on Dorado, page-186
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