http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Wed, 21 Feb 2018 12:38:38 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Carnarvon Petroleum’s improved data likely to take Buffalo oil field to development ]]> http://www.proactiveinvestors.com.au/companies/news/191870/carnarvon-petroleums-improved-data-likely-to-take-buffalo-oil-field-to-development-191870.html Carnarvon Petroleum Limited (ASX:CVN) has received new data that shows increasingly clear definition around the producing reservoir in the Buffalo oil field.

The data further improves imaging at the Elang formation, which is the producing reservoir in the field off Western Australia’s northern coast.

A seismic image shows reservoir up-dip of the Buffalo-5 production well into an area Carnarvon expects will contain unproduced oil.

The reservoir has been reconciled with important well data within the oil field.

READ: Carnarvon Petroleum's leverage to recovering oil price underappreciated says Hartleys

This improvement in data quality increases Carnarvon’s confidence in the redevelopment of the field.

At this stage, the Carnarvon team believe the data set is sufficient to take the project forward to drilling and development.

Buffalo is in the Bonaparte Basin off Western Australia’s north coast.

Improved data has been made possible due to significant increases in computing power since the field was last in production in 2004.

Carnarvon has been working with seismic reprocessing firm DownUnder GeoSolutions to achieve these results.

The Buffalo project was secured by Carnarvon in 2016 with the objective of running modern seismic technologies to determine whether seismic velocity issues in the past could be solved.

Vast improvement in seismic data

The first iteration appeared to achieve this objective and a second reprocessing iteration was undertaken as an independent check of the initial reprocessing work.

All of the learnings from the first two reprocessing iterations were then incorporated into the third reprocessing iteration.

The result is a data set that is a vast improvement on the historic seismic data that was available when the field was last in production.

In addition to the work being undertaken around the Buffalo oil field, the Carnarvon team are also mapping the untapped exploration prospects within the permit.

READ: Carnarvon Petroleum to unlock value in new Eagle Project using improved technology

The company was recently awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s North West Shelf.

This 585 square kilometre permit, to be known as the Eagle Project, is in shallow water and contains multiple attractive leads.

It is in the same oil-producing basin that includes the Talbot, Jabiru, and Cassini/Challis oil fields.

READ: Carnarvon Petroleum notes offshore drill rig has reached South African waters ]]>
Tue, 20 Feb 2018 13:28:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191870/carnarvon-petroleums-improved-data-likely-to-take-buffalo-oil-field-to-development-191870.html
<![CDATA[News - Carnarvon Petroleum to unlock value in new Eagle Project using improved technology ]]> http://www.proactiveinvestors.com.au/companies/news/191472/carnarvon-petroleum-to-unlock-value-in-new-eagle-project-using-improved-technology-191472.html Carnarvon Petroleum Limited (ASX:CVN) has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s North West Shelf.

This 585 square kilometre permit which will be known as the Eagle Project is in shallow water and contains multiple attractive leads.

It is situated in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini / Challis oil fields.

Potential for lower cost drilling and field developments

Adrian Cook, managing director said: “The Eagle Project is another demonstration of our team’s ability to acquire oil prone exploration permits within proven petroleum systems.

“This is Carnarvon’s second permit within the Vulcan Sub-basin, adjacent to the Skua and Cassini/Challis oil fields.

“Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”

Carnarvon backs its leading technology to unlock value

Carnarvon prides itself on applying leading technologies to its technical work to assist in unlocking production potential.

The Cygnus MC3D (Phase III) survey is being acquired by Polarcus over circa 542 square kilometres of the recently awarded project.

It is expected to create a new standard in the interpretation of the prospectivity in this permit.

Imaging far better than historical seismic data

Previous seismic interpretation in this area has been hampered by poor quality historic seismic data.

Carnarvon has already experienced significant improvement in imaging of the sub-surface in its recently awarded Condor Project as a result of the Cygnus MC3D data.

Carnarvon aims to mature the identified leads to prospects within the block, with a number of geoscience work-flows as part of the program.

Carnarvon also targeting shallower plays

These will include a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus MC3D.

From a geological perspective management believes there is the potential for secondary plays in the shallower, Late Cretaceous stratigraphy.

These will be the focus of Carnarvon’s ongoing technical investigations.

Analysts see share price upside potential

Carnarvon’s shares have run strongly in 2018, increasing circa 30% to trade as high as $0.13 last week.

However, analysts at Hartley see further upside in the stock with their price target set at $0.25.

READ: Carnarvon Petroleum's leverage to recovering oil price underappreciated says Hartleys ]]>
Mon, 12 Feb 2018 09:32:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191472/carnarvon-petroleum-to-unlock-value-in-new-eagle-project-using-improved-technology-191472.html
<![CDATA[News - Carnarvon Petroleum upgrades prospective resource at the Labyrinth project ]]> http://www.proactiveinvestors.com.au/companies/news/191261/carnarvon-petroleum-upgrades-prospective-resource-at-the-labyrinth-project-191261.html Carnarvon Petroleum Limited (ASX:CVN) has estimated over 1.5 billion barrels of recoverable prospective resource at the Labyrinth project offshore Western Australia on the North West Shelf.

The Ivory prospect, in particular, is the standout target within the Labyrinth project with significant oil prospectively over two levels with a total mean prospective resource of over 420 million barrels.

READ: Carnarvon Petroleum's leverage to recovering oil price underappreciated says Hartleys

Carnarvon’s latest update is based on the completion of detailed petrophysical analysis leveraging the learnings from the successful Roc and Phoenix South wells in the adjacent permits.

Adrian Cook, managing director, said: “The results of the thorough technical work on this project has upgraded the prospective identified to date, making the Labyrinth project a very attractive asset in the Carnarvon portfolio.”

Updated resource estimates for the most significant prospects

The Labyrinth project is located in the Rowley Sub-basin, north of Carnarvon’s Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 and 500 metres.

Revised petrophysical analysis has resulted in updated prospective resource estimates of the most significant prospects and leads.

The total unrisked prospective resource of the eight most highly ranked prospects is now over 1.5 billion barrels recoverable.

Potential drilling locations being identified

Play level risks have also been evaluated for these prospects and leads based on the current 2D seismic data with a resultant 1 in 5 chance of success for the shallower prospects.

3D seismic, expected to be acquired as part of the ongoing work program, will refine potential drilling locations and is also expected to enhance the chance of success of this play.

READ: Carnarvon Petroleum notes offshore drill rig has reached South African waters ]]>
Wed, 07 Feb 2018 12:01:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191261/carnarvon-petroleum-upgrades-prospective-resource-at-the-labyrinth-project-191261.html
<![CDATA[News - Carnarvon Petroleum's leverage to recovering oil price underappreciated says Hartleys ]]> http://www.proactiveinvestors.com.au/companies/news/191044/carnarvon-petroleum-s-leverage-to-recovering-oil-price-underappreciated-says-hartleys-191044.html Carnarvon Petroleum Limited (ASX:CVN) and joint venture partner, Quadrant Energy, are approaching the drilling of the Phoenix South-3 well, with results a potential catalyst.

The Phoenix South-3 well has been designed to evaluate the gas and condensate discovered in the Phoenix South-2 well.

Analysts at Hartley’s note that the appraisal of Phoenix South and confirmed drilling of Dorado-1 could result in Carnarvon being one of the better performers in the oil sector in 2018.

READ: Carnarvon Petroleum and partner lay out drilling plans for 2018 Carnarvon’s exposure to recovering oil price underappreciated

Hartleys is of the view that Carnarvon’s potential exposure to a recovering oil price is possibly underappreciated.

It believes Phoenix South is likely to have a very high liquids content, and the liquids component is so high, the liquids cash flow alone could pay for the development.

Could there be a takeover in the wind

The broker also believes there is the potential for corporate activity given the group is now one of the largest independent owners of uncontracted gas in Western Australia.

Acquisition activity isn’t new to operators in that region.

AWE Ltd (ASX:AWE) attracted takeover interest in 2017 and Hartleys juxtaposed whether 2018 will see the losing bidders on AWE, or even another third party, come to the table.

Share price implies upside of circa 100% to Hartleys target price

Hartleys has a speculative buy rating on Carnarvon based on a combination of an attractive valuation relative to its enterprise value to barrels of oil equivalent and takeover appeal.

The broker has a 12 month share price target of $0.25 on the stock, a substantial premium to Friday’s intraday high of $0.13.

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Fri, 02 Feb 2018 15:28:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191044/carnarvon-petroleum-s-leverage-to-recovering-oil-price-underappreciated-says-hartleys-191044.html
<![CDATA[News - Carnarvon Petroleum notes offshore drill rig has reached South African waters ]]> http://www.proactiveinvestors.com.au/companies/news/190944/carnarvon-petroleum-notes-offshore-drill-rig-has-reached-south-african-waters-190944.html Carnarvon Petroleum Limited (ASX:CVN) and joint venture partner, Quadrant Energy, are approaching the drilling of the Phoenix South-3 well.

In 2017, the Development Driller-1 (DD-1) drilling rig was contracted to drill the Phoenix South-3 well.

The rig commenced its tow to the well location from the northern hemisphere and has now reached port in South Africa for its planned maintenance.

Once maintenance work is complete, the rig will then be towed to the Phoenix South-3 location offshore Western Australia.

Phoenix South-3 objective is to evaluate the Phoenix South-2 discovery

The Phoenix South-3 well has been designed to evaluate the gas and condensate discovered in the Phoenix South-2 well.

Phoenix South-3 will be located some 560 metres north-northeast of the Phoenix South-2 well.

The joint ventures partners have a number of options under consideration for potential development of the Phoenix project resources.

READ: Carnarvon Petroleum eyes potential for gas on the North West Shelf

The Phoenix South Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 billion standard cubic feet of gas and 57 million barrels of associated condensate.

This is the equivalent of 143 million barrels of oil, gross, Pmean.

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Thu, 01 Feb 2018 08:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190944/carnarvon-petroleum-notes-offshore-drill-rig-has-reached-south-african-waters-190944.html
<![CDATA[News - Carnarvon Petroleum eyes potential for gas on the North West Shelf ]]> http://www.proactiveinvestors.com.au/companies/news/190340/carnarvon-petroleum-eyes-potential-for-gas-on-the-north-west-shelf-190340.html Carnarvon Petroleum Ltd (ASX:CVN) (28.5%) and partner Quadrant Energy (71.5%) have revealed the potential for a working petroleum system at the Outtrim project on the North West Shelf of Western Australia.

The companies are exploring the Belgravia prospect within the project, adjacent to Woodside Petroleum’s (ASX:WPL) Swell-1 exploration well.

Interestingly, Woodside had intersected interpreted gas sands across a large gross interval of circa 450 metres at Swell-1.

The Swell-1 well result is encouraging in that it has confirmed the presence of a working petroleum system with a large gas column.

Potentially better reservoir quality compared to Swell

Carnarvon’s mapping indicates the crest of the Belgravia structure is updip of the Swell gas discovery and around 650 metres shallower than the Swell-1 structure.

Typically, reservoir quality improves at shallower depths indicating that Belgravia could expect to contain better reservoir quality compared to that reported at Swell.

This is encouraging given that the Belgravia prospect already contains an estimated recoverable 440 billion cubic feet of gas (Bcf) and 18 million barrels (Mmbbls) of condensate.

However, further work is required to fully consider the opportunities arising from the Swell-1 well result, particularly in regards to the consequences for the Belgravia prospect.

READ: Carnarvon Petroleum and partner lay out drilling plans for 2018 ]]>
Mon, 22 Jan 2018 12:07:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190340/carnarvon-petroleum-eyes-potential-for-gas-on-the-north-west-shelf-190340.html
<![CDATA[News - Carnarvon Petroleum and partner lay out drilling plans for 2018 ]]> http://www.proactiveinvestors.com.au/companies/news/188764/carnarvon-petroleum-and-partner-lay-out-drilling-plans-for-2018-188764.html Carnarvon Petroleum Limited (ASX:CVN) and joint venture partner Quadrant Energy are preparing to drill the Phoenix South-3 and Dorado-1 wells within the Phoenix Project located offshore Western Australia.

Carnarvon has a 20% interest in these exploration permits while Quadrant Energy is the operator and has an 80% interest.

READ: Carnarvon Petroleum’s partner to drill Dorado-1 well

The companies are preparing for drilling the wells in 2018, advancing technical work to improve the understanding of the basin’s geology and refining additional drill prospects to pursue in the future.

The Development Driller-1 rig is about to commence its voyage to Western Australia where it will drill a number of wells, with the Phoenix South-3 scheduled to be the first well in the program.

On the current schedule, the well is expected to commence in March 2018 and take around 90 days to drill to the target depth of circa 5,156 metres. 

The primary target is the Caley interval that contained oil and gas 550 metres away in the Phoenix South-2 well in 2017.

The Ensco 107 jack-up drilling rig is expected to commence its mobilisation to Western Australia in April 2018 for multi-activity campaign, with the Dorado-1 well scheduled to be the first well.

Dorado-1 well will be exploring for significant gas and condensate volumes over multiple reservoir sands only circa 15 kilometres from the highly successful Roc-2 well.

The Dorado-1 well is expected to take around 45 days to complete, to a total depth of circa 4,400 metres.

There are also a number of secondary targets beneath the Caley interval that are planned to be evaluated in the Dorado-1 well.

READ NEXT: Carnarvon Petroleum eyes multiple oil leads after securing North West Shelf permit ]]>
Thu, 14 Dec 2017 11:43:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188764/carnarvon-petroleum-and-partner-lay-out-drilling-plans-for-2018-188764.html
<![CDATA[News - Carnarvon Petroleum’s partner to drill Dorado-1 well ]]> http://www.proactiveinvestors.com.au/companies/news/187123/carnarvon-petroleums-partner-to-drill-dorado-1-well-187123.html Carnarvon Petroleum’s (ASX:CVN) partner Quadrant Northwest Pty Ltd has signed a contract to drill the Dorado-1 exploration well within the Phoenix Project located offshore Western Australia.

The Dorado-1 exploration well has a number of large targets.

The primary target is the proven Caley Sandstone which Carnarvon estimates to contain a mean prospective resource of 545 billion cubic feet of gas and 31 million barrels of condensate.

The Milne Sandstone is a secondary target which may contain up to four additional sands of a similar size, albeit with a slightly higher risk.

The Dorado-1 well is expected to commence around May 2018 while the Phoenix South-3 well is expected to commence around March 2018. Rigs have now been secured for both wells.

Adrian Cook, managing director, commented: “The results of our 2018 drilling program are expected to be important contributors to our knowledge of the Bedout sub-basin and its near term commerciality.

“2018 will be an exciting time with the Phoenix South-3 well evaluating the gas and condensate already discovered in the nearby Phoenix South-2 well, while the Dorado-1 well will be exploring for significant gas and condensate volumes over multiple reservoir sands only some 15 kilometres from the highly successful Roc-2 well.”

The Dorado-1 well is located within the WA-437-P exploration permit, which Carnarvon has a 20% interest in alongside partner and operator Quadrant Northwest.

The contract was signed with ENSCO Australia Pty Ltd and the Dorado-1 exploration well will be drilled using the ENSCO-107 jack-up drilling rig.

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Mon, 13 Nov 2017 17:12:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187123/carnarvon-petroleums-partner-to-drill-dorado-1-well-187123.html
<![CDATA[News - Carnarvon Petroleum eyes multiple oil leads after securing North West Shelf permit ]]> http://www.proactiveinvestors.com.au/companies/news/186699/carnarvon-petroleum-eyes-multiple-oil-leads-after-securing-north-west-shelf-permit-186699.html Carnarvon Petroleum Limited (ASX:CVN) has been awarded the AC/P62 permit within the Southern Vulcan Sub-basin in the highly prospective Bonaparte Basin, on Western Australia’s North West Shelf.

This large 1,512 square kilometre permit is in shallow water and contains multiple attractive leads in the same proven producing basin that includes the Montara, Jabiru, Skua and Challis oil fields.

Adrian Cook, managing director, commented: “AC/P62 is another demonstration of our team’s ability to acquire oil prone exploration permits within proven petroleum systems.

“This is Carnarvon’s first permit within the Vulcan Sub-basin, adjacent to the Skua and Montara oil fields.

“Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”

Carnarvon aims to mature the prospects within the block with a number of geoscience work-flows as part of the work program.

These include a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus 3D dataset.

Carnarvon has already identified several large, robust Jurassic leads over multiple reservoir levels.

There is also potential for secondary plays in the shallower, Late Cretaceous stratigraphy that will be the focus of Carnarvon’s ongoing technical investigations.

READ NEXT: Carnarvon Petroleum to utilise cash war chest to advance North West Shelf assets ]]>
Fri, 03 Nov 2017 12:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186699/carnarvon-petroleum-eyes-multiple-oil-leads-after-securing-north-west-shelf-permit-186699.html
<![CDATA[News - Carnarvon Petroleum to utilise cash war chest to advance North West Shelf assets ]]> http://www.proactiveinvestors.com.au/companies/news/185297/carnarvon-petroleum-to-utilise-cash-war-chest-to-advance-north-west-shelf-assets-185297.html Carnarvon Petroleum (ASX:CVN) remains well-funded after it ended the September quarter with $50 million in cash, which will be used to advance its North West Shelf assets.

Carnarvon has wholly-owned assets, and joint ventures with Quadrant Energy.

The North West Shelf is Australia's most prolific oil & gas region, and is located off the coast of Western Australia.

WATCH NOW: Carnarvon Petroleum's Adrian Cook details the company's oil & gas strategy

Carnarvon and Quadrant have secured a rig contract for the Phoenix South-3 well, which is expected to commence before April 2018 and is being designed as a redrill of Phoenix South-2.

The Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate, being 143 million barrels of oil equivalent.

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Tue, 10 Oct 2017 09:42:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185297/carnarvon-petroleum-to-utilise-cash-war-chest-to-advance-north-west-shelf-assets-185297.html
<![CDATA[Media files - Carnarvon Petroleum's Adrian Cook details the company's oil & gas strategy ]]> http://www.proactiveinvestors.com.au/companies/stocktube/8110/carnarvon-petroleum-s-adrian-cook-details-the-company-s-oil-gas-strategy-8110.html Wed, 20 Sep 2017 22:04:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/8110/carnarvon-petroleum-s-adrian-cook-details-the-company-s-oil-gas-strategy-8110.html <![CDATA[News - Carnarvon's Adrian Cook outlined company strategy with investors at Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/183849/carnarvon-s-adrian-cook-outlined-company-strategy-with-investors-at-proactive-s-ceo-sessions-183849.html Carnarvon Petroleum's (ASX:CVN) managing director & chief executive, Adrian Cook, joined Proactive's CEO Sessions in Melbourne on Tuesday 12th September and Sydney on Wednesday 13th September.

The company is focused on Australia's most prolific oil & gas region, the North West Shelf off Western Australia.

Key investment highlights include $53 million in cash with no debt, and multiple project catalysts over the next 12-months.

ACCESS THE FULL PRESENTATION HERE ]]>
Fri, 15 Sep 2017 10:25:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183849/carnarvon-s-adrian-cook-outlined-company-strategy-with-investors-at-proactive-s-ceo-sessions-183849.html
<![CDATA[News - Carnarvon Petroleum reveals light premium oil resource for Buffalo, has eye on production ]]> http://www.proactiveinvestors.com.au/companies/news/183019/carnarvon-petroleum-reveals-light-premium-oil-resource-for-buffalo-has-eye-on-production-183019.html Carnarvon Petroleum Ltd (ASX:CVN) wholly-owns the Buffalo project, which is located in Australia’s most prolific oil and gas region, the North West Shelf in Western Australia.

Carnarvon has now revealed that the Buffalo field contains a best estimate resource (2C) of 31 million barrels of light premium oil.

The importance of the resource is that it has a revenue generating capacity of circa US$1.5 billion for Carnarvon, priced at current oil prices.

There is a range of options to redevelop the field and scoping studies show that the redevelopment of the Buffalo oil field is economic at current oil prices; even at the 1C outcome.

This indicates the project to be low risk.

Carnarvon noted that this gives the company confidence to advance the project immediately.

Adrian Cook, managing director and chief executive officer, commented: "A great deal of work has gone into de-risking the Buffalo project.

MEET ADRIAN COOK: Presenting at Proactive's CEO Sessions

"This included engaging independent experts to cross check a significant proportion our work in order to give us the highest possible level of confidence in the remaining oil recoverable from this field.

"The next steps will focus on the field redevelopment and include securing a production licence and associated approvals, advancing redevelopment plans and supplier commitments and finalising funding for the redevelopment activities.

"While significant work is still required, we are incredibly encouraged by the
potential and are pushing forward with the view to bringing the Buffalo field into production."

Next steps is reserves

Upgrading these contingent resources to reserves requires a commitment to develop, encompassing a field development plan and a production license across the Buffalo field.

Work on both of these is underway and will form the basis for the next series of project updates.

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Mon, 28 Aug 2017 10:11:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183019/carnarvon-petroleum-reveals-light-premium-oil-resource-for-buffalo-has-eye-on-production-183019.html
<![CDATA[News - Carnarvon Petroleum's Adrian Cook brings North West Shelf discoveries to Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/182624/carnarvon-petroleum-s-adrian-cook-brings-north-west-shelf-discoveries-to-proactive-s-ceo-sessions-182624.html Carnarvon Petroleum Ltd (ASX:CVN) remains focused on Australia’s most prolific oil and gas region, the North West Shelf in Western Australia.

Utilising knowledge gained in the play opening Phoenix area, Carnarvon’s work to date has identified an estimated 1.5 billion barrels of recoverable prospective resource in this project.

Carnarvon is also advancing the wholly-owned Buffalo project, where news is pending.

Find out more from Adrian Cook at Proactive's CEO Sessions.

Click below to register by email

- Melbourne: Tuesday 12th September.
- Sydney: Wednesday 13th September.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Carnarvon Petroleum (ASX:CVN): Adrian Cook
- King River Copper (ASX:KRC): Anthony Barton
- Kin Mining (ASX:KIN): Trevor Dixon
- Great Boulder (ASX:GBR): Stefan Murphy
- Stargroup (ASX:STL): Todd Zani

 

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Fri, 18 Aug 2017 08:19:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182624/carnarvon-petroleum-s-adrian-cook-brings-north-west-shelf-discoveries-to-proactive-s-ceo-sessions-182624.html
<![CDATA[News - Carnarvon Petroleum sees evidence for oil potential in Buffalo ]]> http://www.proactiveinvestors.com.au/companies/news/181662/carnarvon-petroleum-sees-evidence-for-oil-potential-in-buffalo-181662.html 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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Mon, 31 Jul 2017 09:11:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181662/carnarvon-petroleum-sees-evidence-for-oil-potential-in-buffalo-181662.html
<![CDATA[News - Carnarvon Petroleum's team map out opportunities on North West Shelf ]]> http://www.proactiveinvestors.com.au/companies/news/181248/carnarvon-petroleum-s-team-map-out-opportunities-on-north-west-shelf-181248.html Carnarvon Petroleum Ltd (ASX:CVN) (28.5%) and partner Quadrant Energy (71.5%) have provided an update on the Outtrim project on the North West Shelf of Western Australia.

Within the project is the Belgravia prospect, containing an estimated recoverable 440 billion cubic feet of gas (Bcf) and 18 million barrels (Mmbbls) of condensate (gross Pmean).

To put the prospect into perspective, Belgravia is similar in size and geology to the nearby Woodside Petroleum (ASX:WPL) operated Swell Triassic prospect.

Adrian Cook, managing director for Carnarvon, commented:

"Carnarvon’s technical team have been comprehensively mapping opportunities at the Triassic interval across the North West Shelf following the successful exploration results in the Phoenix project at the same interval.

"The Belgravia prospect has been assessed as containing a large Triassic level trap similar to the Woodside operated Swell prospect.

"A positive Swell-1 well result would produce a relevant analogue for the Belgravia prospect and the expected timing of the result this year could contribute to the value of Carnarvon’s broadening prospect portfolio."

Outtrim also contains Carnarvon’s 2016 Outtrim East oil discovery.

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Fri, 21 Jul 2017 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181248/carnarvon-petroleum-s-team-map-out-opportunities-on-north-west-shelf-181248.html
<![CDATA[News - Carnarvon Petroleum Ltd's partner Quadrant Energy secures rig for Phoenix South-3 ]]> http://www.proactiveinvestors.com.au/companies/news/181019/carnarvon-petroleum-ltd-s-partner-quadrant-energy-secures-rig-for-phoenix-south-3-181019.html Carnarvon Petroleum Ltd (ASX:CVN) has outlined that partner Quadrant Energy has executed the contract to drill the Phoenix South-3 well with Transocean Limited, which is located on the North West Shelf of Australia.

The GSF Development Driller-1 semi-submersible drilling rig will drill the well, and currently the well commencement window is between 1 February and 1 April 2018.

Quadrant (80%) is the operator, and Carnarvon holds 20%.

Goals at Phoenix South-3

The Phoenix South-3 well is being designed as a redrill of the Phoenix South-2 well that discovered gas and condensate at the top of the Caley interval.

Phoenix South-3 is to be located within close proximity to the Phoenix South-2.

The Phoenix South Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate, which is being 143 million barrels of oil equivalent.

The estimated condensate-to-gas ratio is very significant and is based on surface gas sampling from a permeable section at the top of the Caley Sandstone encountered while drilling the Phoenix South-2 well.

Objectives and costs

The primary objective of the Phoenix South-3 well is to evaluate the Caley interval that the Phoenix South-2 well drilled into but was unable to drill through and evaluate.

The Phoenix South-3 well design is being constructed to specifically allow for the evaluation of this Caley interval, unlike the Phoenix South-2 well that was designed to evaluate a broader range of reservoir intervals.

The successful control of the increased pressure encountered in the Phoenix South-2 well led Carnarvon and Quadrant to submit cost recovery claims under their respective insurance policies.

These claims are currently in the final stages of assessment by the insurance underwriters.

Proceeds from the claims are expected to cover the majority of the cost of drilling the Phoenix South-3 well.

Strong cash position

Carnarvon remains well-funded with $53 million in cash at the end of June 2017, and with a market cap. of circa $73 million, the enterprise value is just $20 million.

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Tue, 18 Jul 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181019/carnarvon-petroleum-ltd-s-partner-quadrant-energy-secures-rig-for-phoenix-south-3-181019.html
<![CDATA[News - Carnarvon Petroleum Ltd enters September quarter cashed up ]]> http://www.proactiveinvestors.com.au/companies/news/180486/carnarvon-petroleum-ltd-enters-september-quarter-cashed-up-180486.html Carnarvon Petroleum Ltd (ASX:CVN) has ended the June quarter and will consequently enter the September quarter with a cash balance of $53 million.

During the June quarter, Carnarvon and its joint venture partner advanced multiple work streams in the Phoenix project located offshore from Western Australia.

Of particular note was the work in preparing for drilling the Phoenix South-3 and Dorado-1 wells, development planning for the Roc field and prospect mapping over the greater Phoenix area, using the partnership’s extensive seismic database.

The Phoenix South-3 well is expected to commence in early 2018 with the Phoenix South-2 insurance claim expected to fund most of the cost.

The operator, Quadrant Energy, is in the final stages of evaluating tenders for a semisubmersible rig with a contract expected to be signed shortly.


Project portfolio

Carnarvon holds 12 permits across 5 projects all based off-shore from northern Western Australia.

Details of the five projects includes:

- Phoenix: 4 permits with 20% interest in 2 and 30% interest in 2, operated by Quadrant Energy;
- Labyrinth: 1 permit with 100% interest;
- Buffalo: 1 permit with 100% interest;
- Maracas: 1 permit with 100% interest;
- Outtrim: 1 permit with 28.5% interest, operated by Quadrant Energy; and
- Cerberus: 4 permits with 100% interest.


Phoenix Project

The Phoenix South-3 well, a redrill of the Phoenix South-2 well, is being designed to test the Caley interval.

The structure is estimated to contain a gross mean recoverable prospective resource of 489 billion cubic feet of gas and 57 million barrels of associated condensate.

The Caley interval is also the primary target for the Dorado-1 well which Carnarvon is expecting to commence in mid-2018.

Development work around the discovered gas at Roc was progressed and the joint venture has commenced pre-FEED (Front End Engineering and Design) work aimed at determining the most robust concept for developing both the known hydrocarbons and potential future discoveries.


Labyrinth Project

Carnarvon has completed its interpretation of the newly reprocessed 2D seismic data and has identified a number of significant prospects.

In particular, the Labyrinth and Mouse prospects which are estimated to contain circa 400 million barrels of recoverable oil each at the Pmean confidence level.

Additionally, Carnarvon has identified numerous other high-graded prospects and leads estimated to contain over 1.5 billion barrels of recoverable prospective resource.


Buffalo Project

More data at Buffalo has been collected and processed which has considerably improved the data quality, allowing clearer analysis of key intervals in and around the Buffalo oil field.

As a result, Carnarvon has identified a potentially significant undrilled and unproduced area to the east of the original Buffalo development which was not previously identified.

In addition, Carnarvon joined Northern Oil & Gas Pty Limited (NOGA) on a collaborative data sharing project.

NOGA are the operator of production in the Laminaria oil field less than 10 kilometres from the Buffalo oil field.

The collaboration is aiming to better understand the area and to de-risk potential development opportunities, including the option to bring the Buffalo field back into production.

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Fri, 07 Jul 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180486/carnarvon-petroleum-ltd-enters-september-quarter-cashed-up-180486.html
<![CDATA[News - Carnarvon Petroleum counts down to drilling of Phoenix South-3 ]]> http://www.proactiveinvestors.com.au/companies/news/180014/carnarvon-petroleum-counts-down-to-drilling-of-phoenix-south-3-180014.html Carnarvon Petroleum (ASX:CVN) has provided an update from partner Quadrant Energy (80% and operator, Carnarvon 20%) on the upcoming drilling program.

The Phoenix South-3 well is being designed as a redrill of the Phoenix South-2 well that discovered gas and condensate at the top of the Caley interval.

The Phoenix South Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate, being 143 million barrels of oil equivalent.

The primary objective of the Phoenix South-3 well is to evaluate the Caley interval.


Dorado-1

Moving on to Dorado-1, this well is targeting multiple stacked reservoirs within the Caley interval. The top sand alone is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 31 million barrels of associated condensate.

The operator had requested and received tenders for a jack-up rig to drill the Dorado-1 well this year.


Roc Development

The joint venture has commenced pre-front end engineering and design work aimed at determining the most robust concept for developing the discovered hydrocarbons in the Phoenix project area.

This work includes detailed reservoir modelling at Roc in order to determine the ideal development of this structure.

Based on this work, the northern extent of the Roc reservoir will be a focus to provide greater certainty on the gas and condensate resource and ultimately support the reclassification of volumes into the more robust Proved category for making a final investment decision.

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Thu, 29 Jun 2017 12:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180014/carnarvon-petroleum-counts-down-to-drilling-of-phoenix-south-3-180014.html
<![CDATA[News - Carnarvon Petroleum to unlock opportunities with exploration technology ]]> http://www.proactiveinvestors.com.au/companies/news/179714/carnarvon-petroleum-to-unlock-opportunities-with-exploration-technology-179714.html Carnarvon Petroleum (ASX:CVN) is joining with Northern Oil & Gas Australia Pty Limited (NOGA) on a collaborative data sharing project.

Data covers the 100% owned Buffalo block (WA-523-P), and the nearby Corallina and Laminaria producing oil fields, where NOGA is the operator.

All of these exploration assets are based offshore in the Timor Sea.

NOGA, in the adjacent acreage, is rapidly changing the dynamics of its oil production operations.

Both parties believe that by working together they can enhance value in their respective operations.

NOGA is the owner of the Northern Endeavour floating production, storage and offloading (FPSO) facility located some 15 kilometres to the north-west of the Buffalo oil field.

The Northern Endeavour FPSO has processed over 200 million barrels of oil from the adjacent Corallina and Laminaria oil fields.

It is anticipated that similar upside and de-risking of drilling targets to that identified in the Buffalo field may also be unlocked using the same advanced seismic processing techniques.

Carnarvon and NOGA are co-operating to ensure that re-processing of the Laminaria 3D seismic results in a seamless high-quality 3D dataset over the Corallina, Laminaria and Buffalo fields, and Carnarvon’s experience over the Buffalo block will be used by NOGA to fast track their results.

By sharing the data over the Laminaria and Corallina fields, NOGA is able to assist in better understanding the potential available in the Buffalo oil field, and also guide the Carnarvon team on potential development opportunities.

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Fri, 23 Jun 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179714/carnarvon-petroleum-to-unlock-opportunities-with-exploration-technology-179714.html
<![CDATA[News - Carnarvon Petroleum starts to unravel the Labyrinth ]]> http://www.proactiveinvestors.com.au/companies/news/179114/carnarvon-petroleum-starts-to-unravel-the-labyrinth-179114.html Carnarvon Petroleum (ASX:CVN) has provided an update on the timing and extent of technical work that is being completed on the WA-521-P exploration block, which is known as the Labyrinth project.

The project is located on the North West Shelf offshore Western Australia, in the Rowley Sub-basin.

Labyrinth is positioned north of Carnarvon’s Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 metres and 500 metres.

The Labyrinth and Mouse prospects are estimated to contain ~400 million barrels of recoverable oil each (Pmean), with a total of over 1.5 billion barrels of recoverable prospective resource identified in the block to date.

Adrian Cook, managing director, commented:

"The results from the technical work in this project demonstrate the value of having a strong regional geological understanding.

"The significant volume estimates for the prospects and leads identified to date also make it a very attractive asset in the Carnarvon portfolio."


Analysis

Carnarvon is now uniquely positioned to draw on proprietary data from, and is now on trend with, the successful Roc and Phoenix discoveries in the neighbouring permits.

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Tue, 13 Jun 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179114/carnarvon-petroleum-starts-to-unravel-the-labyrinth-179114.html
<![CDATA[News - Carnarvon Petroleum updates on Buffalo, in a proven petroleum system ]]> http://www.proactiveinvestors.com.au/companies/news/177782/carnarvon-petroleum-updates-on-buffalo-in-a-proven-petroleum-system-177782.html Carnarvon Petroleum (ASX:CVN) has some wholly-owned interests on Western Australia's North West Shelf, along with some joint ventures.

The Buffalo project is one that Carnarvon 100% owns, and is known as WA-523-P exploration permit, after acquiring the it a year ago by committing to undertake a work program that included the reprocessing the existing 3D seismic data.

The permit is in a proven petroleum system containing the Buffalo oil field that was producing around 4,000 barrels of oil per day when it was shut in.

The permit also contains two proven but undeveloped oil pools at Bluff-1 and Buller-1.

There are also significant oil fields within permits adjoining WA-523-P including the 200 million barrel Laminaria-Corallina field.


Plans for Buffalo

Carnarvon secured the Buffalo project with the objective of:

1. Applying new technology, including Full Wave Inversion processing, to determine if it could overcome historic seismic imaging challenges that severely compromised the legacy oil field development and exploration efforts; and

2. If successful, use the improved data to identify new oil targets in this proven and prolific oil field region.

The reprocessing has recently been completed with impressive improvements in data quality.

Carnarvon said that the resulting data produces a significantly clearer definition of the key zones relevant for prospect identification.


Next steps

Carnarvon recently commenced interpreting the data to more accurately map the Buffalo field and the two discoveries at Bluff-1 and Buller-1.

This work will extend to other undrilled structures in the permit to mature a portfolio of targets for further assessment.

Once this work has been completed, and provided it supports prospective targets warranting drilling, Carnarvon will then seek a partner or partners to participate in the drilling activities.

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Mon, 15 May 2017 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177782/carnarvon-petroleum-updates-on-buffalo-in-a-proven-petroleum-system-177782.html
<![CDATA[News - Carnarvon Petroleum receives government approval at Cerberus ]]> http://www.proactiveinvestors.com.au/companies/news/177417/carnarvon-petroleum-receives-government-approval-at-cerberus-177417.html Carnarvon Petroleum (ASX:CVN) has had its application to suspend and extend the year three work commitments approved at the Cerberus Project located offshore Western Australia.

The 100% owned Cerberus Project is comprised of the EP-490, EP-491, TP/27 and EP-475 exploration blocks in the North West Shelf offshore Western Australia.

The approval will allow Carnarvon sufficient time to prepare to drill a contingent well in 2018 and complete the necessary efforts to secure a partner to help fund the necessary exploration drilling.

The 2018 drilling will be contingent upon Carnarvon agreeing to enter into the next commitment year in May 2018.

This has also allowed the EP-490, EP-491 and TP/27 exploration permits to be aligned with the drilling commitments in the EP-475 exploration block.


Cerberus Project

The Cerberus blocks cover a 3,700 square kilometre area in the heartland of the prolific Northern Carnarvon Basin, relatively close to a number of producing oil and gas fields.

Nine prospects within the project contain 624 million barrels of prospective recoverable oil.

Recent technical work has highlighted the existence of a lower Triassic play within the Cerberus blocks which significantly de-risks their potential.

Further prospective resources have been outlined in a number of other leads within the exploration blocks, consisting of a number of different petroleum plays.

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Mon, 08 May 2017 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177417/carnarvon-petroleum-receives-government-approval-at-cerberus-177417.html
<![CDATA[News - Carnarvon Petroleum to receive funds from deferred consideration agreement ]]> http://www.proactiveinvestors.com.au/companies/news/177114/carnarvon-petroleum-to-receive-funds-from-deferred-consideration-agreement-177114.html Carnarvon Petroleum (ASX:CVN) has entered into an agreement with Loyz Oil Thailand Pte Ltd to settle the deferred consideration payable to Carnarvon by Loyz.

The deferred consideration will be settled by a lump sum payment of US$4 million (A$5.3 million) which is payable to Carnarvon by 30 June 2017.

In addition to this, Carnarvon is entitled to 12% of any sale proceeds over US$45 million, should Loyz sell the asset in the future.

Adrian Cook, managing director for Carnarvon, commented:

“We saw this as a tremendous opportunity to draw forward an additional US$4 million and strengthen the Company’s cash position at important time for Carnarvon.

"In making the decision to enter the settlement agreement, we were mindful of the financial position of Loyz and the fact that Carnarvon is planning to drill two incredibly significant wells in the next twelve months, namely Dorado-1 and Phoenix South-3."

"A more robust balance sheet leading into this period gives us greater optionality and financial strength to cater for a broader range of outcomes, most particularly in the success case."


If Loyz unable to settle

In a situation where Loyz is unable to settle some or all of the US$4 million by 30 June 2017, it is obligated to satisfy the balance through the issue of shares in the Singapore listed parent of Loyz Oil Thailand Pte Ltd, namely Loyz Energy Limited.


Dorado-1

Planning has commenced on the Dorado-1 exploration well that is targeting 545 bscf of gas and 31 million barrels of condensate (that is 127 mmboe).

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Tue, 02 May 2017 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177114/carnarvon-petroleum-to-receive-funds-from-deferred-consideration-agreement-177114.html
<![CDATA[News - Carnarvon Petroleum reveals technical work from Phoenix South-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/175481/carnarvon-petroleum-reveals-technical-work-from-phoenix-south-2-well-175481.html Carnarvon Petroleum (ASX:CVN) has provided an update on the Phoenix South resource estimates following further technical work on the Phoenix South-2 well results.

Phoenix South is located on the North West Shelf of Australia, and Carnarvon holds a 20% interest.

Hydrocarbons were discovered in the Caley Member at the end of 2016.

Further technical work has determined that due to the pressures encountered, and the nature of the gas observed, the resource estimates in the Phoenix South Caley have been increased from pre-drill estimates.

The gross mean estimate is currently 489 bscf recoverable gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent (boe), gross, Pmean) in a conventional anticline trapping structure.


Adrian Cook, managing director for Carnarvon, commented:

"Our strategy to test a number of prospects in our Phoenix project has produced the very real possibility of us having over one trillion cubic feet of gas and over 100 million barrels of oil and condensate within an area capable of being aggregated into a central development, only 150 kilometres offshore from important gas infrastructure near Port Hedland.

"The potential size of the Phoenix South Caley resource adds to the excitement of the recent Roc Caley discovery and its historic well test.

"Incorporating the large Dorado Caley prospect, that is expected to be targeted later this year, and this significant outcome is looking very possible.

"There is a great deal of work still to be undertaken, but our progress and success to date clearly makes this one of the most exciting projects in the Australian oil and gas sector at the current time."


Analysis

Certain data from the Phoenix South-2 well suggests there could be a stratigraphic component to the Caley structure which could materially increase the resource.

Carnarvon held $60 million in cash at the end of December 2016, and with a market cap of circa $95 million, the company has an enterprise value of $35 million.

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Tue, 28 Mar 2017 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175481/carnarvon-petroleum-reveals-technical-work-from-phoenix-south-2-well-175481.html
<![CDATA[News - Carnarvon Petroleum and Quadrant Energy prepare for Dorado-1 exploration ]]> http://www.proactiveinvestors.com.au/companies/news/173572/carnarvon-petroleum-and-quadrant-energy-prepare-for-dorado-1-exploration-173572.html Carnarvon Petroleum (ASX:CVN) holds a 20% stake in the Dorado-1 exploration well on the North West Shelf of Australia, with partner Quadrant Energy having a 80% position and is the operator.

The joint venture has now commenced planning to drill the well, with the aim to discover additional resources that can be combined with any Roc development - which is circa 15 kilometres away.

Carnarvon estimates the primary Caley Sandstone target contains a mean prospective resource of 545bscf of gas and 31mmbls of condensate.

Drilling is expected to commence in the second half of 2017.

Adrian Cook, managing director for Carnarvon, commented:

"This is a tremendous opportunity to test another quality prospect in the Bedout sub-basin.

"Confirming significant hydrocarbon volumes with this well would strongly underpin the economic proposition in this basin.

"This well could also play an important part in determining the future development scenarios for the Roc and Phoenix South gas and condensate discoveries.

"A significant Dorado discovery could be developed as the tie-in point for the Roc and Phoenix South resources with options for the gas to be used purely for domestic use, and/or for LNG purposes."

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Thu, 23 Feb 2017 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173572/carnarvon-petroleum-and-quadrant-energy-prepare-for-dorado-1-exploration-173572.html
<![CDATA[News - Carnarvon Petroleum: Access latest PPT from Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/172666/carnarvon-petroleum-access-latest-ppt-from-proactive-s-ceo-sessions-172666.html Carnarvon Petroleum's (ASX:CVN) Adrian Cook joined Proactive's CEO Sessions in Melbourne on Tuesday 31st January and in Sydney on Wednesday 1st February.

Cook discussed the company's exploration plan for 2017, and provided a status update on its portfolio.


ACCESS THE FULL PRESENTATION HERE

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Fri, 03 Feb 2017 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172666/carnarvon-petroleum-access-latest-ppt-from-proactive-s-ceo-sessions-172666.html
<![CDATA[News - Carnarvon Petroleum safely completes operations at Phoenix South-2 ]]> http://www.proactiveinvestors.com.au/companies/news/171645/carnarvon-petroleum-safely-completes-operations-at-phoenix-south-2-171645.html Quadrant is the operator and holds 80%, with Carnarvon 20%.

The drilling rig has moved off location, following the discovery of gas and condensate as predicted near the top of the primary Caley target.

The higher formation pressures encountered typically support both larger volumes and higher gas and condensate flows rates over a given reservoir.

An update on volume estimates will be provided once Carnarvon has had an opportunity to assess all of the information obtained from the well.

These results are expected to have a positive impact on volumes assessments in the Phoenix South Caley Sandstone.

The joint venture will also assess the results of this well for the purpose of considering the future operations in this area, including quantifying the resources identified in the Phoenix South Barret and Caley Sandstone formations.

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Mon, 16 Jan 2017 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171645/carnarvon-petroleum-safely-completes-operations-at-phoenix-south-2-171645.html
<![CDATA[News - Carnarvon Petroleum brings gas and condensate discovery to Proactive's CEO Spotlight Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/171171/carnarvon-petroleum-brings-gas-and-condensate-discovery-to-proactive-s-ceo-spotlight-sessions-171171.html Carnarvon Petroleum (ASX:CVN) recently outlined a gas and condensate discovery at the Phoenix South-2, located within the WA-435-P exploration permit in the North West Shelf of Australia.

The well penetrated a definitive hydrocarbon-bearing interval at or near the primary Caley target.

The partners will now assess these results and consider the most appropriate forward plan for assessing the entire Caley zone of interest.

Quadrant is the operator and holds 80%, with Carnarvon 20%.


Find out more from Adrian Cook, managing director and CEO, at Proactive's Spotlight CEO Sessions.


Click on a city below to register :

- Melbourne: Tuesday, 31st January.
- Sydney: Wednesday, 1st February.
- Call office on (02) 9280 0700.
- Email Pauline here.


Presenter list

- Carnarvon Petroleum (ASX:CVN); Adrian Cook.
- Great Boulder Resources (ASX:GBR); Stefan Murphy.
- Elk Petroleum (ASX:ELK); Brad Lingo.
- Petsec Energy (ASX:PSA); Maki Petkosvki.
- White Rock Minerals (ASX:WRM); Matthew Gill.

(Argent Minerals will now be presenting on 20 / 21 February. Details to come.)

 

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Wed, 11 Jan 2017 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171171/carnarvon-petroleum-brings-gas-and-condensate-discovery-to-proactive-s-ceo-spotlight-sessions-171171.html
<![CDATA[News - Carnarvon Petroleum and partner make gas and condensate discovery ]]> http://www.proactiveinvestors.com.au/companies/news/170633/carnarvon-petroleum-and-partner-make-gas-and-condensate-discovery-170633.html Carnarvon Petroleum (ASX:CVN) has outlined that the Phoenix South-2 well has penetrated a definitive hydrocarbon-bearing interval at or near the primary Caley target.

Quadrant is the operator and holds 80%, with Carnarvon 20%.

The Phoenix South-2 well is located within the WA-435-P exploration permit in the North West Shelf of Australia.

Carnarvon is well-funded with $65 million in cash at the end of September 2016.


Adrian Cook, managing director and CEO for Carnarvon, commented:

"We are very encouraged with the results of this gas and condensate discovery and feel confident there is a significant amount of potential still to be assessed in the Caley formation beneath the current wellbore.

"The extent of the increase in reservoir pore pressure observed while drilling into the Caley formation could indicate a hydrocarbon body larger than any that we have previously encountered in the basin and even larger than we were expecting pre-drill.

"We’ve taken another very important step in unlocking this new basin and we certainly look forward to further clarifying its potential as our forward work programs are finalised.

"In the near term, we will work with the operator on the next phase of drilling in this and the other target structures in our Phoenix and Roc permits.

"The Carnarvon team will also take the opportunity to update the resource estimates for the Caley sandstone with this new information."


Details of the discovery

The well drilled an estimated 39 metre hydrocarbon-bearing zone between 5,176 and 5,215 metres with significant gas influx and elevated reservoir pore pressures.

The well was unable to assess as much as 185 metres of additional potential hydrocarbon bearing Caley reservoir beneath 5,215 metres due to the higher than anticipated pressures being encountered.

Encouragingly, higher formation pressures typically support both larger volumes and higher gas and condensate flows rates over a given reservoir.

They also require a different well bore design from that used in this well.

Accordingly, for safety reasons, no further drilling and formation evaluation can occur in the current well bore.


Next steps

The operator and Carnarvon will now assess these results and consider the most appropriate forward plan for assessing the entire Caley zone of interest.

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Mon, 19 Dec 2016 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170633/carnarvon-petroleum-and-partner-make-gas-and-condensate-discovery-170633.html
<![CDATA[News - Carnarvon Petroleum in a trading halt pending Phoenix South-2 update ]]> http://www.proactiveinvestors.com.au/companies/news/170495/carnarvon-petroleum-in-a-trading-halt-pending-phoenix-south-2-update-170495.html Quadrant Energy is the operator and holds 80%, with Carnarvon 20%.

The Phoenix South-2 well is located within the WA-435-P exploration permit in the North West Shelf of Australia.

The halt will remain in place until the opening of trade on Monday 19th December 2016, or earlier if an announcement is made to the market.

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Thu, 15 Dec 2016 07:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170495/carnarvon-petroleum-in-a-trading-halt-pending-phoenix-south-2-update-170495.html
<![CDATA[News - Carnarvon Petroleum: Phoenix South-2 well nears primary target ]]> http://www.proactiveinvestors.com.au/companies/news/170161/carnarvon-petroleum-phoenix-south-2-well-nears-primary-target-170161.html Carnarvon Petroleum (ASX:CVN) has provided an update on drilling operations as advised by the operator of the Phoenix South-2 well, Quadrant Energy, with drilling nearing the primary target.

Quadrant is the operator and holds 80%, with Carnarvon 20%.

The Phoenix South-2 well is located within the WA-435-P exploration permit in the North West Shelf of Australia.


Progress

The rig has completed operations to set and cement the 9 5/8” liner and has commenced drilling ahead to the Caley sandstone formation target.


Current Operations

The well is currently drilling ahead in the Hove formation at around 4,840 metres measure depth.


Primary Target

The primary target for the Phoenix South-2 well, the Caley Sandstone targeting the same gas-condensate that flowed at prolific rates in the nearby Roc-2 well, has an estimated gross mean prospective resource of 470 Bscf of gas and 25 million barrels of condensate.

The equivalent reservoir flowed at an equipment constrained rate of around 50 million standard cubic feet per day of gas and 3,000 barrels per day of condensate (11,500 barrels of oil equivalent per day) from a vertical section of around 35 metres in the Roc-2 well.


Forward Plan

The rig is expected to take around 2-3 weeks to drill the final section of the well to a measured depth of around 5,500 metres and evaluate the Caley reservoir section with wireline logging tools.

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Thu, 08 Dec 2016 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170161/carnarvon-petroleum-phoenix-south-2-well-nears-primary-target-170161.html
<![CDATA[News - Carnarvon Petroleum: Quadrant Energy updates on Phoenix South-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/169873/carnarvon-petroleum-quadrant-energy-updates-on-phoenix-south-2-well-169873.html Quadrant is the operator and holds 80%, with Carnarvon 20%.

The Phoenix South-2 well is located within the WA-435-P exploration permit in the North West Shelf of Australia.


Progress

The well has drilled to around 4,625 metres measured depth in 12 ¼” (311 mm) hole and has drilled through the Barret formation and into the first 50 metres of Hove formation.


Current Operations

The well is currently running wireline logging tools over the Barret formation.


Technical Commentary

The Phoenix South-2 well was drilled through the Barret Sandstone in which strong hydrocarbon shows were observed across good reservoir intersections demonstrating an active petroleum system.

While wireline operations are yet to be completed, preliminary logging data has identified that the Barret Sandstone does not contain a live hydrocarbon column within the fault block intersected by the Phoenix South-2 well.

The Phoenix South Barret oil resource was interpreted to contain two separate fault blocks - the first fault block is where oil was discovered by the Phoenix South-1 well and the second fault block was intersected by Phoenix South-2.

The initial consequence of the above is that it will likely reduce the range of volume estimates in the Barret Sandstone (light oil) in the Phoenix South structure to approximately two thirds of the range advised on 14 November 2016.

The primary target for the Phoenix South-2 well, the Caley Sandstone, is targeting the same gas and condensate that flowed at prolific rates in the nearby Roc-2 well.

This section will be intersected in mid to late December 2016 and the prospectivity of the Caley Sandstone is not affected by the results in the Barret Sandstone.


Forward Plan

Intermediate wireline logging, including pressure testing, will be undertaken across the Barret Sandstone to confirm the interpretation of the preliminary logging data.

Following the wireline evaluation, 9 5/8” casing will be set in the well and drilling will continue in 8 1/2” hole to the primary target in the Caley Sandstone.

The rig is expected to take around 3 to 4 weeks to complete the Barret wireline evaluation, set the casing, drill the final hole to a measured depth of approximately 5,500 metres and evaluate the Caley Sandstone with wireline logging tools


Well-funded

Carnarvon is well-funded with $65 million in cash at the end of September 2016.

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Fri, 02 Dec 2016 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169873/carnarvon-petroleum-quadrant-energy-updates-on-phoenix-south-2-well-169873.html
<![CDATA[News - Carnarvon Petroleum Ltd and partner update on Phoenix South-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/169353/carnarvon-petroleum-ltd-and-partner-update-on-phoenix-south-2-well-169353.html Carnarvon Petroleum Ltd (ASX:CVN) has provided an update on drilling operations as advised by the operator of the Phoenix South-2 well, Quadrant Energy.

Quadrant is the operator and holds 80%, with Carnarvon 20%.

Phoenix South-2 will be drilled down to a total depth of around 5,500 metres, and is located around 2 kilometres east of the Phoenix South-1 oil discovery well.

The well is located 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin of Western Australia.


Progress

The well has drilled to around 3,700 metres measured depth in 17 ½” (445 mm) hole.


Current Operations

The well is currently setting the 13 5/8” (346mm) casing.


Forward Plan

Once the 13 5/8” (346mm) casing has been set and cemented in place, the well will commence drilling the 12 ¼” (311 mm) hole section.

The rig is expected to take around 3 weeks to set the 13 5/8” casing, drill the 12 ¼” hole to a measured depth of approximately 4,700 metres and evaluate the Barret reservoir section with wireline logging tools.

The Caley sandstone is expected to be encountered in the final 8 ½” hole section which will follow the evaluation of the Barret formation and setting of 9 5/8” casing.


Well-funded

Carnarvon is well-funded with $65 million in cash at the end of September 2016.

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Wed, 23 Nov 2016 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169353/carnarvon-petroleum-ltd-and-partner-update-on-phoenix-south-2-well-169353.html
<![CDATA[News - Carnarvon Petroleum Ltd to benefit from resource estimate ]]> http://www.proactiveinvestors.com.au/companies/news/168972/carnarvon-petroleum-ltd-to-benefit-from-resource-estimate-168972.html Carnarvon Petroleum Ltd (ASX:CVN) is set to benefit from its 20% exposure to a gross 2C contingent resource estimate of 108.8 million barrels of oil gross equivalent declared at the Roc, Phoenix and Phoenix South area.

Quadrant is the operator of the project area and holds 80%, with Carnarvon 20%.

Resource estimates are based on the successful drilling results to date and a foundation of quality data and extensive technical work completed over the course of the last two years.

In addition, the Phoenix South-2 well is targeting gas and condensate in the Caley Sandstone, being gross mean prospective resources equivalent to 107 million barrels of oil equivalent.

Significant additional prospective resources have also been identified within the Roc and Phoenix South area.


Resource estimate details

The resource estimates cover an estimated 3,000 square kilometre area around the Roc, Phoenix and Phoenix South discoveries.

Gross 2C contingent resources comprise of 332 Bscf of gas, 20 million barrels of condensate and 31 million barrels of light oil, equivalent to 109 million barrels of oil.

The Caley and Barret reservoirs are estimated to host 1.5 Tcf of gas, 86 million barrels of condensate and 121 million barrels of light oil in gross mean unrisked prospective resources.

Additional prospective resources exist in the Phoenix South and Dorado prospects in the Milne and Hove reservoirs. At this time, these resources generally have a lower geological chance of success compared with the Caley and Barret reservoir estimates


Next steps towards development

Contingent and prospective resource estimates by definition have geological and commercial risks that require further work, including further exploration and appraisal drilling to unlock.

This is a natural process for any new area and the currently drilling Phoenix South-2 well is the next logical step in clarifying the volume of resources underpinning a development.

The scale of the potential in this project, coupled with the drilling success to date, make this one of the most exciting oil and gas projects in Australia.

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Tue, 15 Nov 2016 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168972/carnarvon-petroleum-ltd-to-benefit-from-resource-estimate-168972.html
<![CDATA[News - Carnarvon Petroleum Ltd: Quadrant Energy updates on Phoenix South-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/168510/carnarvon-petroleum-ltd-quadrant-energy-updates-on-phoenix-south-2-well-168510.html Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Phoenix South-2 well, Quadrant Energy.

Quadrant is the operator and holds 80%, with Carnarvon 20%.

Phoenix South-2 will be drilled down to a total depth of around 5,500 metres, and is located around 2 kilometres east of the Phoenix South-1 oil discovery well.

The well is located 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin of Western Australia.


Progress

The well commenced drilling on the 30th October and has drilled down to approximately 1,500 metres measured depth.


Current Operations

The well is currently setting the 20” (508mm) casing.


Forward Plan

Once the 20” (508mm) casing has been set and cemented in place, the well will commence drilling the 17 ½” (445 mm) hole.

The rig is expected to take between 2 to 3 weeks to complete the drilling of the 17 ½” hole down to a depth of approximately 3,500 metres measured depth before running the 13 5/8” (346 mm) intermediate casing.

No reservoir objectives are anticipated to be intersected in this hole section.

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Fri, 04 Nov 2016 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168510/carnarvon-petroleum-ltd-quadrant-energy-updates-on-phoenix-south-2-well-168510.html
<![CDATA[News - Carnarvon Petroleum Ltd returns to Phoenix South oil field ]]> http://www.proactiveinvestors.com.au/companies/news/167856/carnarvon-petroleum-ltd-returns-to-phoenix-south-oil-field-167856.html Carnarvon Petroleum Ltd (ASX:CVN) has advised that following the successful Roc-2 well, Carnarvon (20%) and Quadrant Energy (Operator, 80%) will immediately proceed to the highly prospective Phoenix South-2 well (PS-2).

The Phoenix South-2 well is expected to commence in the next 7 days. This well is appraising the Phoenix South-1 oil discovery from 2014.

Phoenix South-2 will be drilled down to a total depth of around 5,500 metres and is expected to take a little over two months to complete the drilling operations.

The well will also evaluate similar structures to the gas-condensate discoveries from the drilling of Roc-1 and Roc-2 this year.


Phoenix South-2 location

The Phoenix South-2 well is located in around 100 metres water depth, 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin.

Phoenix South-2 is located around 2 kilometres east of the Phoenix South-1 oil discovery well.


Additional work

Additional technical work completed on the Caley formation has convinced the joint venture this large structure in Phoenix South-2 warrants assessing at this time.

Both the Barret and Caley formations will be evaluated using Logging While Drilling and wireline formation evaluation tools.

No coring or well testing is being planned in this well as sufficient information has been acquired in the area.

Adrian Cook, managing director and CEO, commented:

"We are in a unique position to utilise the Ocean Monarch rig immediately after the Roc-2 well and we are thrilled to be returning to the Phoenix South area to drill the Phoenix South-2 well.

"The success of Roc-2 which flow tested at a maximum equipment constrained rate of 51.2 million standard cubic feet (scf) per day of gas and 2,943 barrels of condensate per day, highlights the productive nature of the reservoir in this basin."


Primary objectives

The Phoenix South-2 well has two primary objectives:

- Evaluate the commerciality of the Phoenix South oil field in the Barret Sandstone; and
- Explore for gas and condensate in the deeper Caley Sandstone, akin to the Roc field.

Additional objectives involve exploration of the Hove and Huxley members


Cook added:

"The result at Roc-2 has given the joint venture the confidence to undertake additional drilling activities.

"This well will appraise the Phoenix South oil discovery that was made in the 2014 Phoenix South-1 well and will drill into the Caley formation that contained gas and condensate in both the Roc-1 and Roc-2 wells.

"The Caley Sandstone was not an objective of the Phoenix South-1 well in 2014, so this is a very exciting target in the Phoenix South-2 well.

"We also look forward to evaluating the hydrocarbon potential in the Huxley and Hove members in Phoenix South-2 where encouraging hydrocarbon shows were observed during the drilling of the Roc-1 and Roc-2 wells.

"Our plans are to build on our understanding of the resource potential in this area in order to evaluate the range of development options. The Roc and Phoenix South well results represents an important part of this assessment."


Financial

An arrangement is in place with the operator that will enable Carnarvon to fund the first $5 million of the expected $20 million net well cost and enable Carnarvon to contribute the balance into any future work at Phoenix South and a small promote to be offset against future production.

This arrangement provides Carnarvon with some optionality and added flexibility to manage its near term financial obligations for the Phoenix South-2 well.

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Tue, 25 Oct 2016 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167856/carnarvon-petroleum-ltd-returns-to-phoenix-south-oil-field-167856.html
<![CDATA[News - Carnarvon Petroleum Ltd has success with Roc-2 well testing ]]> http://www.proactiveinvestors.com.au/companies/news/167604/carnarvon-petroleum-ltd-has-success-with-roc-2-well-testing-167604.html Carnarvon Petroleum Ltd (ASX:CVN) advises that the Roc-2 well test successfully flowed gas and condensate to surface over the course of a sustained test program.

Carnarvon holds a 20% interest, with Quadrant, the operator, holding 80%.

Flow rates and reservoir pressure conditions exceeded Carnarvon’s expectations.

The test confirmed a quality conventional reservoir that flows strongly without intervention.

The gas and condensate ratios were at the higher end of the range of pre-drill estimates.


Flow test details

The well flow tested at rates up to 51.2 million scf per day of gas and 2,943 barrels of condensate per day, or circa 11,500 barrels of oil equivalent per day.

These rates were achieved with the well flowing at the maximum rate possible with the equipment being used.

Testing operations were undertaken at controlled flow rates to enable the monitoring of the field including reservoir pressures, gas and condensate ratios and the presence of other substances such as CO2, H2S, water and sand.

Encouragingly, there were insignificant levels of these other substances in the gas and condensate recorded during the flow test.


Adrian Cook, managing director, commented:

“Our drilling results to date in the Bedout Sub-basin have been extraordinary. Carnarvon and its partner and operator, Quadrant Energy have made substantial progress in this new oil and gas province since exploration began in earnest in 2014.

“The Roc-2 well has provided us with a significant amount of valuable new information, and the flow test result very clearly and unequivocally demonstrates the capability of these hydrocarbons to flow from quality reservoir within the basin.

“We are very happy with the Roc-2 well flow test results which are at rates that are significant in our industry.

“There is great potential within this basin for significant hydrocarbon volumes to exist as I have referred to on numerous occasions.

“These results provide Carnarvon and its partner with enormous blue sky potential and a platform within the Phoenix South and Roc area in which to test and develop this potential.”

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Wed, 19 Oct 2016 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167604/carnarvon-petroleum-ltd-has-success-with-roc-2-well-testing-167604.html
<![CDATA[News - Carnarvon Petroleum Ltd granted trading halt pending news from Roc-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/167453/carnarvon-petroleum-ltd-granted-trading-halt-pending-news-from-roc-2-well-167453.html Carnarvon Petroleum Ltd (ASX:CVN) has been granted a trading halt by the ASX this morning, pending the release of an announcement in relation to the Roc-2 well.

Roc-2 is located on Australia’s North West Shelf.

The halt will remain in place until the opening of trade on Wednesday 19th October 2016, or earlier if an announcement is made to the market.

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Mon, 17 Oct 2016 08:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167453/carnarvon-petroleum-ltd-granted-trading-halt-pending-news-from-roc-2-well-167453.html
<![CDATA[News - Carnarvon Petroleum Ltd prepares for flow testing from Roc-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/166861/carnarvon-petroleum-ltd-prepares-for-flow-testing-from-roc-2-well-71325.html Carnarvon Petroleum Ltd (ASX:CVN) has provided an update from partner, Quadrant Energy (operator), on the drilling operations of the Roc-2 well.

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.

Carnarvon holds a 20% interest, with Quadrant 80%.


Progress

Since the last report the wireline operations have been completed and the 7” (178 mm) casing liner has successfully been set in place across the Caley formation as planned in preparation for flow testing the well.


Current Operations

The rig is currently in the process of cleaning out the well bore after the cementing operations to set the liner.


Forward Plan

Once the well bore has been cleaned, a process expected to take several days, a Drill Stem Test (DST) string will be run in the hole which will enable the flow testing of the Roc-2 well across the Caley formation that was gas-condensate charged based on wireline interpretation.

Due to the complexity of these downhole tools, it may take over a week to install the DST in place.

The well will then be perforated and the well will be opened for a controlled flow test over a period of about a week.

The flow tests will enable the measurement of pressure, permeability and flow capacity of the Caley formation.

The company expects to be in a position to report on the well testing results in around two weeks.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 04 Oct 2016 08:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/166861/carnarvon-petroleum-ltd-prepares-for-flow-testing-from-roc-2-well-71325.html
<![CDATA[News - Carnarvon Petroleum Ltd confirms gas and condensate at Roc-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/166356/carnarvon-petroleum-ltd-confirms-gas-and-condensate-at-roc-2-well-71190.html Carnarvon Petroleum Ltd (ASX:CVN) has been advised by the operator of the Roc-2 well, Quadrant Energy, that condensate rich gas samples have been extracted from the well at several locations.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report the full suite of wireline logs have been acquired, which have a higher resolution than the previously acquired logs, allowing for delineation of net and gross reservoir within the well.

Wireline pressure data has also been acquired, allowing for interpretation of potential gas-water contacts.

A forward plan is in place to flow test the well.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.

Recent highlights within the Caley formation at Roc-2 include:

- Condensate rich gas samples extracted from the well at several locations;
- 30 metres of net reservoir interpreted from wireline data;
- 60 metres of gross gas and condensate charged sands intersected; and
- Excellent quality (100 to 350 millidarcy) reservoir calculated from downhole sampling rates.


Condensate rich gas sampled

Following the successful wireline operations, Carnarvon can confirm the presence of a high quality reservoir within the Caley section of the Roc-2 well, which is almost fully saturated with gas condensate.

Porosities of up to 15% were observed with an average around 9%, which is an excellent result for reservoir at this depth and meets pre-drill expectations.

Condensate rich gas was sampled from a number of locations, and the rig estimate of liquid content within the gas is similar to that of Roc-1 at around 50-60 barrels of condensate per million standard cubic feet of gas.

The rate at which the gas was extracted for sampling was significant, indicating high permeability sands with permeabilities calculated to be 100 to 350 millidarcy (mD), similar to the results from the core analysis of Roc-1 which had sands of 300 to 500 mD.

The thickness of the sands, the high quality of the net sands, the high gas saturation and the depth of the contact mean the well warrants being flow tested.


New data suggests separate structures

Pressure data obtained from the wireline logs did not correlate with the Roc-1 data meaning that Roc-1 and Roc-2 are likely to be separate structures in all or some of the sands, but they are still located within the same greater structural closure.


Forward plan

The rig is in the process of completing the wireline coring operations before running the 7 inch liner, expected to take around six days, in preparation for flow testing the well.

Following the installation of the liner, it will take an additional 10 days to prepare the surface equipment and install the necessary tubing and appropriate valves in the wellbore necessary for the well testing.

The well will then be perforated across the uppermost 35 metre sand interval and the well opened for a controlled flow test over a period of about a week.

The company expects to be in a position to report on the well testing results in around three weeks.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 23 Sep 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166356/carnarvon-petroleum-ltd-confirms-gas-and-condensate-at-roc-2-well-71190.html
<![CDATA[News - Carnarvon Petroleum Ltd builds portfolio ahead of next oil price cycle ]]> http://www.proactiveinvestors.com.au/companies/news/166121/carnarvon-petroleum-ltd-builds-portfolio-ahead-of-next-oil-price-cycle-71102.html Carnarvon Petroleum Ltd (ASX:CVN) is continuing to build its portfolio in anticipation of the next oil price cycle.

Carnarvon has now been awarded the WA-524-P permit which is situated on the flanks of the Dampier Sub-Basin, a part of the highly prospective Greater Carnarvon Basin, on Western Australia’s North West Shelf.

This large 1,210 square kilometre permit is located on the Enderby Terrace, which contains a number of untested yet attractive play types in a proven basin which includes the Stag, Wandoo and Legendre oil fields, plus the Reindeer gas field.

Adrian Cook, managing director, commented:

"There are a number of attractive opportunities in this permit that I am confident will become attractive drill prospects in the future.

"This area will benefit from the application of our technical expertise and recent improvements in technology that were not previously available."

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.


Industry leader

Carnarvon is recognised as an innovator and industry leader in understanding the deeper plays on the North West Shelf, and has identified great potential within the Permo-Triassic stratigraphy within the newly awarded block.

The success of drilling the Early Triassic play types in the Roebuck Basin is well documented, and Carnarvon has identified through its regional technical work, the potential for a similar pre-Jurassic play on the flanks of the Dampier Barrow Sub-Basin.

Carnarvon has identified three potential leads within the block and aims to de-risk the elements of the play, with a number of geoscience work flows.

Successful exploration in this region would provide attractive returns on investment due to leads being situated in relatively shallow water, located at a moderate reservoir depth and the acreage being near existing services and infrastructure.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 20 Sep 2016 10:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166121/carnarvon-petroleum-ltd-builds-portfolio-ahead-of-next-oil-price-cycle-71102.html
<![CDATA[News - Carnarvon Petroleum Ltd and partner deepen Roc-2, intersect hydrocarbons ]]> http://www.proactiveinvestors.com.au/companies/news/166041/carnarvon-petroleum-ltd-and-partner-deepen-roc-2-intersect-hydrocarbons-71068.html Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report the well has been drilled down to a total depth of 5,290 metres measured depth and the rig is preparing to run wireline logging tools.

It is expected that wireline operations, including wireline formation testing, will be undertaken over the next seven to ten days.

During the deepening of the well over the past week several sands with positive indications of hydrocarbons were intersected in the deeper Milne sections of the well.

These will also be investigated with the more detailed formation evaluation provided for with wireline logging along with the shallower Caley sandstone where the company confirmed hydrocarbons previously.

While these deeper Milne sands are not interpreted to be commercially significant within the Roc structure in this well, the existence of reservoir and hydrocarbons at this depth are positive signals for the shallower and larger Dorado structure.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 19 Sep 2016 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166041/carnarvon-petroleum-ltd-and-partner-deepen-roc-2-intersect-hydrocarbons-71068.html
<![CDATA[News - Carnarvon Petroleum Ltd's Adrian Cook 'extremely pleased' with Roc-2 results ]]> http://www.proactiveinvestors.com.au/companies/news/165427/carnarvon-petroleum-ltds-adrian-cook-extremely-pleased-with-roc-2-results-70940.html Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

Adrian Cook, managing director for Carnarvon, commented: "I am extremely pleased with the results of this well so far.

"We have successfully acquired core over the reservoir section and I’m happy to be in a position to confirm today that we’ve encountered hydrocarbons in good quality reservoir sands.

"The next stage of the program is to obtain and assess the logging and testing results which will take place after the current well deepening activity.

"Clearly there is some ways yet to go on this well but progress to date is very encouraging."


Results

The Roc-2 well has confirmed hydrocarbon bearing reservoir, in good quality rock, within the Caley section.

The results were confirmed during Logging While Drilling (LWD) which provides preliminary information during drilling operations.

The next stage of data acquisition will become available after wireline logging, which is planned to include pressure and fluid sampling tools.


Progress

Following the completion of the coring process the well has continued drilling the 8 ½” (216 mm) hole, including passing through the cored Caley sections with LWD tools for the first time.


Current Operations

The well is currently drilling ahead in the 8 ½” (216 mm) hole section at a depth of around 4,610 metres.


Forward Plan

The rig will continue to drill the 8 ½” (216 mm) hole to planned total depth of around 5,250 metres. Following the completion of drilling, anticipated to take around 2 weeks, an extensive logging and testing campaign will commence.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 09 Sep 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165427/carnarvon-petroleum-ltds-adrian-cook-extremely-pleased-with-roc-2-results-70940.html
<![CDATA[News - Carnarvon Petroleum Ltd and Quadrant Energy update on Roc-2 drilling ]]> http://www.proactiveinvestors.com.au/companies/news/165426/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-drilling-70879.html Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report 120 metres of core has successfully been taken from around 4,290 metres to 4,410 metres as planned.

The well is in the process extracting the coring assembly at a controlled rate for maximum core preservation.

Carnarvon expects to be in a position to report on whether the target Caley formations are hydrocarbon bearing, and the extent of any reservoir sands intersected, after completion of a drilling wiper trip with logging-while-drilling tools across the cored section before the rig continues to drill ahead.


Forward plan

Following the extraction of the core from the well bore, the rig will prepare the 8 ½” (216 mm) drilling assembly and continue to drill to planned total depth of around 5,250 metres.

The 8 ½” drilling assembly includes logging-while-drilling tools.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivables up to US$31.3 million and A$8 million well carry.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 06 Sep 2016 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165426/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-drilling-70879.html
<![CDATA[News - Carnarvon Petroleum Ltd and Quadrant Energy update on Roc-2 drilling ]]> http://www.proactiveinvestors.com.au/companies/news/165425/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-drilling-70669.html Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report the 12 ¼” (311 mm) hole has been drilled to 4,057 metres measured depth, just within the Hove.

The well is in the process of setting the 9 ⅝” (245 mm) casing liner.

Carnarvon noted that well results to date are similar in nature to those observed when drilling the same formations in the Roc-1 well.

The company added that due to the nature of coring operations, no information will be available to the joint venture during the coring process.

Carnarvon said that it expects to be in a position to report on whether the target formations are hydrocarbon-bearing, and the extent of any reservoir sands intersected, after completion of a drilling wiper trip with Logging While Drilling tools at the completion of the coring process.


Forward Plan

Following the setting and cementing of the 9 ⅝” (245 mm) liner, a further 200 metres of 8 ½” (216mm) hole will be drilled through the Hove to just above the primary Caley target.

It is planned to acquire around 120 metres of whole bore core across the Caley member before continuing drilling to planned total depth of around 5,250 metres.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 25 Aug 2016 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165425/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-drilling-70669.html
<![CDATA[News - Carnarvon Petroleum Ltd and partner progress well on North West Shelf ]]> http://www.proactiveinvestors.com.au/companies/news/165424/carnarvon-petroleum-ltd-and-partner-progress-well-on-north-west-shelf-70465.html Carnarvon Petroleum Ltd (ASX:CVN) and partner Quadrant Energy have provided an update on drilling operations of the Roc-2 well, located on Australia’s North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report the 17 ½” (445 mm) hole has been drilled to 3,433 metres measured depth, just below the Cossigny marker, and the well is in the process of setting the 13 ⅝” (346 mm) intermediate casing.


Forward Plan

Following the cementing of the 13 ⅝” casing, a further 850 metres of intermediate 12 ¼” (311 mm) hole will be drilled down to just above the primary Caley target, and a 9 ⅝” (245 mm) drilling liner will be placed across this open hole to enable the well to drill to its deeper targets.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.


Drilling information

Carnarvon said that at around 3,250 metres measured depth, a 10 metre section of elevated gas readings and moderate fluorescence was observed across a sandstone interbed within the Upper Keraudren, consistent with residual hydrocarbons.

Slightly deeper in the well, from around 3,360 metres measured depth, elevated gas readings and minor fluorescence were observed in the Cossigny limestone.

This hydrocarbon fluorescence has regional interest because it is the first case of hydrocarbons migrating above and within the Cossigny, and increases the exploration potential of the area.

The Huxley and Barret formations are expected to be encountered in the 12 ¼” hole section.

The Barret sands were oil charged at Phoenix South-1 well and water wet at Roc-1 well.

In the Roc-1 well, hydrocarbon shows were observed in the Huxley sands and further data on this potential reservoir section will expand the exploration portfolio outside this well, particularly for prospects outside this area such as Bandy.

The primary target for the Roc-2 well is the Caley sands which were gas and condensate charged in Roc-1.

Carnarvon added that this zone is expected to be cored late August or early September 2016.

Due to the nature of these operations, no information will be available to the joint venture during the coring process, which is anticipated to take 5-10 days.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash plus future receivable up to US$31.3 million and A$8 million well carry.

 

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Tue, 16 Aug 2016 09:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165424/carnarvon-petroleum-ltd-and-partner-progress-well-on-north-west-shelf-70465.html
<![CDATA[News - Carnarvon Petroleum Ltd and partner update on Roc-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/151605/carnarvon-petroleum-ltd-and-partner-update-on-roc-2-well-70208.html Carnarvon Petroleum Ltd (ASX:CVN) has provided an update on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80%.

The well is located on Australia’s North West Shelf, and has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year.

The Roc-2 appraisal well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.

The North West Shelf is Australia’s most prolific oil and gas region.


Progress

Since the last report the 17 ½” (445 mm) hole has been drilled to around 2,230 metres measured depth.

A mechanical issue with the rig’s drilling system occurred since the last report. The issue has been rectified and the operator minimized costs during this period.

As a result, the well is around 10 days behind schedule.


Current Operations

The well is continuing to drill in the 17 ½” (445 mm) hole section.


Forward Plan

The rig is expected to take around 1 week to drill the 17 ½” (445 mm) hole down to a depth of around 3,500 metres measured depth before running the 13 5/8” (346 mm) intermediate casing.

No reservoir objectives are anticipated to be intersected in this hole section.

The well will then be deepened in 8 ½” (216 mm) hole to just above the reservoir target.

The primary target for the Roc-2 well, the Caley sands which were gas and condensate charged at Roc-1, is expected to be cored with coring activities expected to commence late August or early September 2016.

Due to the nature of these operations, no information will be available to the joint venture during the coring process, which is anticipated to take 5-10 days.

The company said that it expects to be in a position to report on whether the target formations are hydrocarbon-bearing, and the extent of any reservoir sands intersected, after completion of a drilling wiper trip with Logging While Drilling (LWD) tools at the completion of the coring process.

The well will then be deepened to explore for the secondary targets to a total depth of up to 5,250 metres.


Analysis

Carnarvon remains well-funded with A$87.7 million held in cash plus future receivable up to US$31.3 million and A$8 million well carry.

If Roc-2 encounters the 2C and mid / best case estimates of gas and condensate, it is likely that the Roc resource will be commercial and well advanced in terms of being re-categorised as reserves.

At the base of the Roc-1 well, promising hydrocarbon shows were encountered in an additional sandstone section, named the Milne sandstone.

The Roc-2 well is being planned to test the extent of these deeper hydrocarbons encountered at the TD of Roc-1.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 03 Aug 2016 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/151605/carnarvon-petroleum-ltd-and-partner-update-on-roc-2-well-70208.html
<![CDATA[News - Carnarvon Petroleum Ltd and Quadrant Energy update on Roc-2 well ]]> http://www.proactiveinvestors.com.au/companies/news/151604/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-well-69893.html Carnarvon Petroleum Ltd (ASX:CVN) has received an update on drilling operations by the operator of the Roc-2 well on Australia’s North West Shelf, Quadrant Energy.

Carnarvon holds a 20% interest, with Quadrant 80%.

The well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year.

The Roc-2 appraisal well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.

Roc-2 will be drilled to a depth of 5,250 metres with capacity to extend to 5,700 metres if justified by hydrocarbon shows, reservoir quality and drilling conditions.


Progress

Since the last report the 26” (660 mm) hole has been drilled to around 1,275 metres measured depth and the 20” (510 mm) casing has been set and cemented in place.


Current Operations

The well has commenced drilling in the 17 ½” (445 mm).


Forward Plan

The rig is expected to take between 1 to 2 weeks to drill the 17 ½” (445 mm) hole down to a depth of around 3,500 metres measured depth before running the 13 5/8” (346 mm) intermediate casing.

No reservoir objectives are anticipated to be intersected in this hole section.


Roc-2 location and volumes

The Roc-2 well is located in 100 metres of water, around 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin.

Roc-1 encountered a gross reservoir section of around 120 metres in the Caley, with the top 40 meters being hydrocarbon bearing.

The Roc-2 well is designed to appraise this reservoir section in an updip location, around 5 kilometres to the east of the Roc-1 well.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Jul 2016 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/151604/carnarvon-petroleum-ltd-and-quadrant-energy-update-on-roc-2-well-69893.html
<![CDATA[News - Carnarvon Petroleum Ltd: Quadrant Energy commences drilling of Roc-2 ]]> http://www.proactiveinvestors.com.au/companies/news/151603/carnarvon-petroleum-ltd-quadrant-energy-commences-drilling-of-roc-2-69718.html Carnarvon Petroleum Ltd (ASX:CVN) has reported that the operator of the Roc-2 well, Quadrant Energy, has advised that the well commenced drilling on 9 July 2016.

The Roc-2 well will be drilled in around 100 metre water depth, located 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin.

The Roc prospective and contingent resources are within the WA-437-P exploration permit in the North West Shelf of Australia.

Quadrant (80%) is the operator, with Carnarvon holding a 20% interest.


Drilling aims

The main aims of the Roc-2 well are to appraise the Roc gas-condensate discovery in the Caley section that Carnarvon announced earlier in the year, and to progress towards proving a volume above the minimum economic field size and to establish potential flow rates for future development planning.

Secondary objectives for the well are to explore the hydrocarbon potential of the deeper Milne member, where encouraging hydrocarbon shows were observed during the final phase of drilling the Roc-1 well, and the shallower Huxley member, where oil shows were encountered at Roc-1.


Timeline

The well will take around 60 days to drill down to a total depth of around 5,250 metres, including the cutting of 120 metres of core, before the evaluation program is undertaken.

The evaluation, including wireline logging and flow testing, is expected to extend over a further 40 days.


Analysis

Carnarvon holds a market value of circa $100 million with $96 million cash, future cash flow up to $44 million and a well carry of $8 million.

Board and management, made up of North West Shelf experts, own 7% of the company.

Carnarvon has two material drilling outcomes within the next 6 months.

- Outtrim East-1 exploration well where the target is to prove an oil aggregation play; and

- The Roc-2 appraisal well which aims to confirm that Carnarvon will take part of a material domestic gas project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 11 Jul 2016 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/151603/carnarvon-petroleum-ltd-quadrant-energy-commences-drilling-of-roc-2-69718.html