Carnarvon looking to Buffalo potential
Carnarvon Petroleum has advised that technical work completed around the Buffalo oil field in WA-523-P in the offshore Western Australian Bonaparte Basin has provided “strong evidence of additional economically recoverable oil”.
“There is strong evidence the original field development did not produce all of the economically recoverable oil,” Carnarvon stated. “This was due to imperfect seismic imaging and mapping, which led to suboptimal well placement and significant areas of unswept oil. Of note, in 2004 those wells were still producing approximately 4,000 barrels of oil per day when production ceased.”
Carnarvon stated that the application of full waveform inversion (FWI) technology has produced greater clarity around the field reservoir, with Carnarvon having contracted DownUnder GeoSolutions to utilise its 5.5 petaflop “Bruce” computer to perform the work, with this technology and computing power not available at the time the field was last in production.
Carnarvon Managing Director and Chief Executive Officer Adrian Cook stated that “the Carnarvon team have worked tirelessly to create an important new opportunity for shareholders in a reasonably short period of time since its acquisition in May last year”.
“The project appealed to us for its low-risk oil field potential, provided the application of new technology was able to solve historic seismic issues,” Cook commented. “We believe we have achieved this objective and have now engaged an independent expert familiar with FWI to validate our work. Once their review is complete, we will be in a position to outline details of new recoverable volumes and our plans to redevelop and produce the oil from this field.”