- Beacon Energy NPV
- 24 April 2024 17:20:41
Source: Sharecast
The AIM-traded firm said the rig was now setting and cementing the 13-and-three-eighths inch casing and installing the wellhead, before drilling ahead in the 12-and-a-quarter inch hole section to around 2,800 metres, and then setting the nine-and-five-eighths inch casing, after which the target Elang reservoir interval would be drilled and logged.
It said no hydrocarbons were expected to be intersected in the 12-and-a-quarter inch hole section of the well.
“The Buffalo-10 well is being drilled offshore Timor-Leste within the TL- SO T19-14 production sharing contract in a water depth of approximately 30 metres with a target depth of approximately 3,500 metres,” the Advance Energy board said in its statement.
“The well is being drilled to test for the presence of commercial quantities of high-quality light oil that is expected to lead to the early re-development of the Buffalo field.”
At 1158 GMT, shares in Advance Energy were down 4.41% at 3.63p.