DOUGLAS, UK – Advance Energy is discussing a conditional acquisition of a 50% interest in Carnarvon Petroleum Timor.
The latter has a 100% interest in the Buffalo PSC, offshore Timor-Leste, which it manages on behalf of parent company Carnarvon Petroleum.
Carnarvon has been looking to redevelop the Buffalo oil field, thought to hold remaining 2C oil resources of 34.3 MMbbl.
BHP discovered the field in 1996 and achieved first oil three years later. Buffalo went on to produce 20.5 MMbbl before being decommissioned by subsequent operator Nexen Petroleum Australia.
According to Advance Energy, there was no material decline in reservoir pressure over the course of production.
More recent application of full wave inversion technology over existing 3D seismic indicates a significant unproduced attic oil accumulation, with sub-optimal positioning of early wells the result of poorly processed seismic data at the time.
Carnarvon is looking to drill the B-10 appraisal well later this year with a view to converting the 2C resources to 2P (proved and probable) reserves, following re-certification.
Depending on the well results, the two companies believe the PSC could deliver production of 40,000 b/d within three years.