Page 11 - AsianOil Week 14 2021

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Australian government of a suite of Buffalo advancing to work to drill the Buffalo-10 well in 2021. The
measures aimed at enhancing and well will be suspended so that it can be used
strengthening Australia’s offshore oil and drilling for future production. Development plans will
gas decommissioning framework is a step also be progressed this year so that it provides
in the right direction. Carnarvon Petroleum Limited is pleased to us with the opportunity to execute the planed
APPEA Chief Executive Andrew update shareholders on the farm out of the operations to first oil in a short period of time.
McConville said industry has worked Buffalo project to Advance Energy plc and the The Buffalo project is progressing well and
constructively with the Government to Buffalo-10 well. looks to be positioned for a window in time
develop an appropriate, forward-looking Advance Energy has, subject to where there are now forecasts of shortages of
decommissioning framework and will look at shareholder approval, successfully raised the quality oil from projects like Buffalo”.
what is proposed closely. capital to acquire a 50% interest in the Buffalo CARNARVON PETROLEUM, April 1, 2021
“The offshore oil and gas industry has been project. In return Advance Energy will fund
a key driver of Australia’s economy and energy the Buffalo-10 well on a free carried basis up Oilex updates regarding
security for decades and has plenty of life left to a cap of US$20m. This means the drilling
in it,” McConville said. will be at no cost to Carnarvon unless the well Cambay settlement
“We need to get the decommissioning costs more than US$20m.
framework right for the industry and the The transaction has been approved by the Oilex is pleased to announce that GSPC has
thousands of jobs it supports as well as protect government of Timor-Leste. provided notification that it has approved the
the environment and will be studying closely It is expected that the transaction will sale of its 55% participating interest (PI) in
the detail of the draft bill.” complete after Advance Energy receives the Cambay PSC to Oilex for the purchase
McConville said the oil and gas shareholder approval, which is scheduled for price of US$2.2 million. The Transaction
industry can bring a wealth of global mid-April 2021. has also received the approval of the state
experience and expertise on operational Advance Energy has released an government of Gujarat. Following completion
best practice. announcement with respect to their capital of the Transaction, Oilex will hold a 100%
“We have some concerns about a few raise which is available on their website. participating interest in the Cambay PSC.
elements, such as the operation of trailing Carnarvon has also continued to make This will provide Oilex with the ability,
liability, which will have adverse investment progress to drill the Buffalo-10 well this year. subject to sourcing the necessary funding, to
impacts, but we’ll work through that with the Tendering and procurement processes are restart field work including a work program
government,” he said. already underway, including negotiations to consisting of the drilling of two vertical wells
“We remain committed to working with secure a drilling rig. to appraise the Eocene gas accumulation
the Government towards a sustainable Carnarvon Managing Director and CEO, which is confirmed by historical flow tests and
solution to this complex issue. Mr Adrian Cook, said: up until recently, low-rate cyclic production
“We consider that a whole of government “We congratulate Advance Energy on from two wells from the same reservoir
approach to decommissioning regulatory their capital raise and welcome them to this section.
reform is crucial to its success.” exciting project. Completion of the Transaction will require
APPEA, April 8, 2021 The project team is well advanced in their the finalisation of a binding sales and purchase

Week 14 08•April•2021 www. NEWSBASE .com P11