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.
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.