Sign up Australia
Proactive Investors - Run By Investors For Investors

Carnarvon Petroleum’s Dorado-1 well approaches gas and condensate target on North West Shelf

The second exploration well at the Phoenix project has reached a measured depth of about 3,637 metres.
Drill rig at the Dorado-1 well
Drilling is targeting the Caley Member using an Ensco-107 jack-up drilling rig

Carnarvon Petroleum Limited’s (ASX:CVN) drilling operations at the Dorado-1 well of the Phoenix project offshore Western Australia are at a measured depth of about 3,637 metres.

The well is now approaching the target of the Dorado structure at the Caley interval, which is expected to be intersected at a depth of around 3,800 metres.

Second well at Phoenix project

It is the second well being drilled by Carnarvon and project operator Quadrant Energy seeking gas and condensate at the Phoenix project.

As the hole gets deeper, drill casings get narrower and the 12-1/4 inch casing size was completed at 3,637 metres.

The plan is to run and cement the 9-5/8 inch liner then drill the 8-1/2 inch into the primary Caley Member target.

Location of the Dorado-1 well within the Phoenix project.

Assessing gas and liquids

Carnarvon’s primary objective for this well is to assess the gas and liquids potential in the Caley Member.

The well is less than 20 kilometres from and up-dip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 billion cubic feet of gas and 30 million barrels of associated condensate.

This is equal to 125 million barrels of oil equivalent, gross, Pmean.

A seismic line showing the incised Dorado Canyon with the red line showing the top Caley Member.

Multiple secondary targets have been identified by Carnarvon in the Crispin and Milne Members and these will also be assessed by the Dorado-1 exploration well.

READ: Carnarvon Petroleum down to 4,634 metres at Phoenix South-3 well

Drilling by Quadrant of the first well at the project, Phoenix South-3, last week reached 4,634 metres measured depth.

It is also targeting the Caley Member and a closure estimated to contain a gross mean recoverable prospective resource of 143 million barrels of oil equivalent.

This well is within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.

Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation.

READ: Carnarvon Petroleum cashed up to progress multiple oil, gas opportunities

Carnarvon recently completed a $20 million capital raising, which has strengthened its total cash position to $65 million.

These funds will enable the company to pursue drilling of the Buffalo-10 well, also on the North West Shelf, with the maximum equity possible.

This well is in the territorial waters of Timor Leste in the northeast of the North West Shelf.

View full CVN profile View Profile

Carnarvon Petroleum Ltd Timeline

Related Articles

July 30 2018
The Salamanca project retains considerable support locally
April 26 2018
As well as commercialising well technology, Highlands also produces from its own operations.
February 27 2018
Anfield Energy has a suite of attractive assets containing uranium and vanadium

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use