Sign up Australia
Proactive Investors - Run By Investors For Investors

Carnarvon Petroleum shares rise on promising drill intersects for Dorado-1 well

The drilling encountered several sandstone intervals as expected within the Caley Member.
Carnarvon Petroleum shares rise on promising drill intersects for Dorado-1 well
Drilling the hole to 4,575 metres depth

Carnarvon Petroleum Limited’s (ASX:CVN) shares are trading about 10% higher intra-day at 16 cents after drilling the Dorado-1 well down from 3,640 metres depth to around 3,990 metres.

Importantly, from about 3,853 metres to 3,947 metres, the drilling encountered several sandstone intervals as expected within the Caley Member.

Elevated gas readings and increased resistivity were observed in interpreted porous and permeable zones, indicating the presence of hydrocarbons.

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

Carnarvon is continuing to drill the hole from 3,990 metres to about 4,575 metres to evaluate the deeper targets of the Milne and Crespin Members, below the Caley Member.

Results to date are sufficiently encouraging to warrant the running of the wireline logs over the prognosed reservoir section, which will include fluid sampling and pressure testing, at the completion of drilling.

Assessing gas and liquids potential in the Caley Member

Carnarvon’s Dorado-1 well is in the Canning Basin offshore Western Australia.

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member with the well less than 20 kilometres from and up-dip of the successful Roc-1 and Roc-2 wells.

View full CVN profile View Profile

Carnarvon Petroleum Ltd Timeline

Related Articles

Checking oil samples in front of tanks at Ungani project
May 07 2018
Cash on hand should gain momentum as production increases towards the target rate of 3,000 bopd.
oil and gas operations
July 24 2018
Prospect S offshore Namibia is Chariot's next shot at a big target, drilling is slated for the fourth quarter this year and it will be closely watched by investors
oil and gas operations
April 19 2018
The first two potential new wells will be drilled in around 45 days, and investors will be keen to see the results

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