From the CEO’s desk

From the CEO’s desk

Carnarvon has capped off an incredible year by announcing the commencement of operations for the Buffalo project.

The Carnarvon team, along with our drilling and project partners, have put a lot of work into preparing for the Buffalo-10 well, which is set to spud in coming days.

It’s incredible to think that in 2016 we acquired the permit containing the Buffalo field, which was previously developed by BHP and produced for five years up to 2004. Based on reprocessed seismic data and reservoir modelling, our work has us now focused on this redevelopment project and drilling the first well that will be targeting a gross contingent resource of 31.1 million barrels. I look forward to sharing results of the campaign early next year, with well drilling estimated to take about 35 days.

Not far around the corner, the Bedout basin exploration campaign will commence, starting with the Pavo-1 well and followed by the Apus-1 well.  The success rate in these waters in recent times has been exceptional and we’ll be hoping for more of the same with these two wells. The Noble Tom Prosser drilling rig has been contracted to carry out the campaign, with the Pavo-1 well on track to commence in mid-late January and the Apus-1 well roughly two months after. These prospects present an exciting opportunity for the Bedout basin with gross prospective resource volumes of 101MMboe and 307MMboe for Pavo and Apus, respectively.

Our Company’s energy transition pathway continues on a solid trajectory. Earlier this year, we delivered our second Sustainability Report that sets out clear objectives and outcomes across ESG areas for 2022 and beyond. And as we enter 2022, our renewable diesel project edges closer to reality. The project has been buoyed by the Federal Government’s recent release of Australia’s Bioenergy Roadmap, which fits snugly without ambitions to create carbon neutral renewable diesel here in Western Australia.

Looking further ahead, Carnarvon continues to progress with partner and operator Santos, the front-end engineering design for the Dorado development. The Final Investment Decision for Dorado remains on track for the middle of next year.

I thank all staff, the board and shareholders for their continued support throughout 2021 and wish everyone a happy and safe 2022.