Kvanefjeld is an advanced rare earths project positioned to become a key supplier of all rare earth elements.
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Proceeds will be used to further advance Comet Ridge’s portfolio of east coast gas prospects.
The company is developing the globally significant Kvanefjeld Project in Greenland.
For a well to return 100% of the drilling and completion capital in just 11-months in the current pricing environment is remarkable.
New exploration efforts are coming into the spotlight over the coming months as conventional drilling is slated for 2019
Ungani Far West 1 well has begun production and is producing at high daily fluid rates of 1,000 barrels at about 50% oil cut, rates which will add significantly to overall Ungani field production.
Production has now been established in fourteen of sixteen completed wells.
The environmental impact assessment will be reviewed in parallel to a public consultation period.
Multiple highly attractive development projects in shallow water on the North West Shelf of Western Australia.
A formal inspection was completed at the Kvanefjeld site on August 28.
The Kvanefjeld Project is located near the southern tip of Greenland near existing infrastructure.
Oil industry major will fund 80% of the exploration well costs of the Samo-1 well up to a maximum of US$45 million.
The acquisition proposal comes as Dorado-1 oil discovery is confirmed as the North West Shelf’s third largest.
The Samo prospect is immediately to the south of the giant SNE oil field in Senegal.
Shares in the company have opened higher today last trading at 8 cents.
Buru is continuing to increase production at the Ungani oilfield in the Canning Basin to target levels.
Assessment of the hydrocarbon volumes within the Dorado structure has revealed an oil resource of 171 million barrels.
The Dorado is a remarkable discovery and Carnarvon is expected to report on the volumetric estimates soon.
Current field production is about 1,400 barrels of oil per day with ongoing work to increase production to target levels.
This is one of two wells being drilled within the Canning Basin offshore Western Australia.
Total hydrocarbon net pay extended to 132 metres in the Dorado-1 well.
The well on the North West Shelf has reached a 5,210 metres measured depth on its way to around 5,500 metres.
The company has achieved around US$15,300 per acre for the sale of the RA Minerals Royalty Acreage.
Upcoming news flow includes details on the Samo-1 oil well in The Gambia and an evaluation report for their Senegal project.
Shares in the company are trading up another 11% or 4 cents today to 40 cents.