Carnarvon Petroleum Limited’s (ASX:CVN) shares are trading about 3% higher intra-day at 17 cents after drilling the Dorado-1 well offshore Western Australia down to around 4,044 metres measured depth.
The significance drilling results to date have warranted that the proposed wireline program is brought forward to immediately quantify the extent of the positive results received so far.
At the completion of the wireline logging program the well will be deepened to assess the Milne and Crespin Members, below the Caley Member.
There is an option to run a further casing string if deemed necessary to reach the final depth, however at this point it is not anticipated.
Earlier this week, Carnarvon’s 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.
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.
Importantly, the Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 125 million barrels of oil equivalent.