Advance Energy PLC (AIM:ADV, FRA:BZPA) told investors the Buffalo-10 well, offshore Timor-Leste, is on schedule to spud in early November.
The well is earmarked as the first production well in the project’s development and it will be retained as such. It is targeting 34mln barrels of resources within the Buffalo field. It is located in a water depth of just 30 metres, and the reservoir is anticipated at 3,200 to 3,3000 metres depth.
Equipment for the programme is being mobilised and the precise timing of the well will depend on the release of the rig from its preceding contract, around 300 kilometres away from Buffalo.
“The joint venture is confident of Buffalo-10 being both a geological and economic success, and is therefore laying the groundwork to bring the field into production on an accelerated timeline,” said chief executive Leslie Peterkin.
“We look forward to providing a further update to confirm that the rig is in transit to location in due course."
Advance noted that consultant RISC Advisory has estimated that Buffalo-10 will have an 85% probability of ‘confirming a sanctionable development project’.
The company holds a 50% interest in the Buffalo field, which was previously developed by BHP and Nexen in the late 1990s and produced some 21mln barrels over a five year period, with peak output of around 45,000 barrels of oil per day.
It is operated by partner Carnarvon Petroleum.