Advance ‘advancing’ on Buffalo

Advance ‘advancing’ on Buffalo

On 12 March 2021 we advised that our new partner in the Buffalo project, Advance Energy Plc, had released a presentation as part of their capital raise process.

In the near future, we’re looking forward to welcoming the Advance team to the project and working with them on this fantastic opportunity.

I have said for a long time that we like this project and strongly believe in its potential.  On that point, I have been asked recently why we sought a partner. My response is that, from a business perspective, this is what we do really well. Namely, combine our geoscience work with new data and ideas and progress opportunities with good commercial partners.

Clearly this has been a very successful formula for us in the Bedout having made the Dorado and Roc discoveries and we’re in the process of opening up an entirely new basin that contains lots of exciting potential.

I expect the Buffalo project will deliver a different result scale wise compared with Dorado. But as the independent assessment undertaken by RISC in the Advance presentation pointed out, it’s a project that has the potential to be highly valuable for Carnarvon and Advance.

For shareholders interested in a recap of the Buffalo story so far – a concise summary and overview of the project’s outlook is outlined here.