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Carnarvon Petroleum sees evidence for oil potential in Buffalo

The company has provided an update on its 100% held Buffalo project in WA-523-P.
Map of offshore permits in Western Australia
Shares in Carnarvon are currently trading at $0.073

Carnarvon Petroleum (ASX:CVN) has now completed an extensive body of technical work around the Buffalo oil field located within its 100% owned WA-523-P permit offshore Western Australia.

The technical work provides 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 circa 4,000 barrels of oil per day when production ceased.

Carnarvon’s work will now be reviewed by an independent expert with resource estimates expected to be reported in the second half of August 2017.

Adrian Cook, managing director and CEO, commented

“The Carnarvon team have worked tirelessly to create an important new opportunity for shareholders in a reasonably short period of time since its acquisition in May last year.

“The project appealed to us for its low risk oil field potential provided the application of new technology was able to solve historic seismic issues.

“We believe we have achieved this objective and have now engaged an independent expert familiar with FWI to validate our work.

“Once their review is complete we will be in a position to outline details of new recoverable volumes and our plans to redevelop and produce the oil from this field.”

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