Carnarvon Energy Limited - Buffalo-10 drilling update

Published: 2022-01-20 10:12:15 ET CVN.AX

Carnarvon Energy Limited ('Carnarvon') (ASX: CVN) provides the following update on the Buffalo-10 well

Progress

Since the last report, the 9 5 /8' casing has been successfully cemented in place and drilling has reached total depth of around 3,415 metres Measured Depth ('MD') in the 8 1/2' hole section. Observations from Logging While Drilling ('LWD') tools have identified that the primary reservoir has been intersected, with indications of hydrocarbons as anticipated in the Elang.

Forward Plan Prepare the well for and undertake wireline logging operations.

Comments

The top Elang reservoir was intersected at a depth of around 3,338 metres MD, which was approximately 80 metres low to prognosis and outside the pre-drill range of expectations. The interpretation from the LWD tools and drilling information is that an approximate 12 metre gross oil column was encountered. Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column. The information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocity distortion or imaging resolution issues that are present in this field. The Buffalo-10 well is being drilled offshore Timor-Leste in the TL-SO-T 19-14 PSC in which Carnarvon holds a 50% interest

Contact:

Thomson Naude

Tel: (08) 9321 2665

Email: [email protected]

Cautionary Statement

This announcement may contain forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as 'expect', 'believe', 'estimate', 'should', 'anticipate' and 'potential' or other similar wording. Forward-looking information in this announcement includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-up. By their very nature, the forward-looking statements contained in this announcement require Carnarvon and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this announcement is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Carnarvon. Although Carnarvon believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.