- Carnarvon’s technical work provides strong evidence of additional economically recoverable oil
- New technology has been instrumental in unlocking the opportunity to redevelop the oil field
- An independently assessed volumetric estimate will be reported in August 2017
Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide the following update (also refer to earlier updates on 15 May 2017 and 23 June 2017) on its 100% held Buffalo project in WA-523-P.
Carnarvon has now completed an extensive body of technical work around the Buffalo oil field. There is strong evidence the original field development did not produce all of the economically recoverable oil. This was due to imperfect seismic imaging and mapping, which led to suboptimal well placement and significant areas of unswept oil. Of note, in 2004 those wells were still producing approximately 4,000 barrels of oil per day when production ceased.
The application of Full Waveform Inversion technology (“FWI”) has produced greater clarity around the Buffalo oil field reservoir. Carnarvon contracted DownUnder GeoSolutions to utilize their 5.5 petaflop “Bruce” computer (currently the most powerful computer in the Southern Hemisphere, equivalent in raw computer power to approximately 55,000 Intel i7 PCs) to perform this work. This technology and computing power was not available at the time the field was last in production.