Buffalo and Petrofac update

On the Buffalo project, the integrated Carnarvon and Petrofac team have worked to identify and order key equipment to meet the project timeline to start drilling before the end of the year. This is particularly important in the current market for scheduling reasons given the impact that COVID has had on procurement times for drilling equipment. At present, the tender process has advanced considerably for a suitable jack-up rig and we’re looking to lock that in over the coming months

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Thoughts and support for Timor-Leste

It has been almost a month since Dili, the capital of Timor-Leste, experienced unprecedented flooding that left a devastating trail of destruction. As part of the flood recovery and relief effort, donations and supplies were quickly organised. Carnarvon Petroleum assisted with donations to UNICEF Australia, while the SuperPuma Helicopter, that is co-funded by our partner Santos and the Australian Government, was used for aerial assessment and distribution of relief supplies to remote villages.

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Making headlines: CVN and PESA in the future of fossil fuels

Earlier this month, and in conjunction with APPEA CEO Andrew McConville, we contributed to an article in renowned industry publication Petroleum Exploration Society of Australia (PESA) News. The focus of the article was to look at the future of fossil fuels in a post-pandemic world. For a full version of the article, CLICK HERE.

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Industry showpiece – APPEA Conference heads to Perth

Mid-next month, we look forward to participating in the APPEA 2021 conference and exhibition. This year, the roadshow is heading to our home town of Perth – we look forward to rubbing shoulders with our partners and counterparts in the industry at this three-day event. Carnarvon will be showcasing our impressive array of exploration and development assets through an interactive exhibition.

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International Energy Agency’s 2021 oil report

The International Energy Agency’s (IEA) 2021 oil market report provides some interesting insight into their views for the sector. Below are a number of quotes from the report that present a strong case for the importance of oil as a key contributor to the energy mix and the need for a considered and orderly transition: “…..by 2026, global oil consumption is projected to reach 104.1 mb/d. This would represent an increase of 4.4 mb/d from 2019 levels.” “…..sharp spending cuts

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New 3D seismic programs in the Bedout

Starting close to home, earlier this week we made an ASX announcement that featured an update on the Archer 3D seismic acquisition in the Bedout Basin. For those that may be unaware or have so far missed the news, we’re extremely pleased with how this project is tracking. The 3D study has been commissioned to capture and record new data that will help our understanding of the Dorado field and the surrounding exploration potential, with particular focus on the area

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Euroz Hartleys Conference at Rottnest

On 9 March 2021, I presented to institutional and retail investors at the Euroz Hartleys conference at Rottnest Island. Besides being a wonderful location for a conference, all credit to the Euroz Hartleys team for bringing together what I felt was their most successful event in a long time. Across three days some 60 companies presented their business cases to the attendees, including a raft of virtual attendees who were mostly stuck in Melbourne. Our presentation slide deck is available

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Oil price trends

Oil prices continue to climb and are currently around the mid US$60/bbl mark. The question is where to from here? It’s worth noting at the start that current prices are very good for Carnarvon’s low cost projects. But our view is oil prices will rise further in the coming years and this thematic is due to the significant under investment in new supply sources – so the potential is for a supply shortage driven price rally. Many reporters provide commentary

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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

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The next chapter in the Buffalo story

Carnarvon was awarded the previously developed Buffalo field in May 2016, as part of successfully bidding on the WA-523-P permit. The field was originally discovered in 1996 by BHP and subsequently developed using four wells drilled from a small, unmanned wellhead platform installed in 25 metres water depth, tied back to an FPSO. Production commenced in December 1999 at production rates up to approximately 50,000 stb/d and terminated in November 2004 after the production of 20.5 MMstb of highly-undersaturated, light

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