Carnarvon Petroleum Limited (ASX:CVN) has encountered a number of encouraging sandstone intervals while drilling through the Crespin and Milne members with the Dorado-1 well offshore Western Australia.
Elevated gas readings and increased resistivity were observed in interpreted porous and permeable zones within these intervals, indicating the presence of hydrocarbons.
These observations warrant wireline logging in order to obtain more definitive results as to, amongst other things, the nature of the oil, gas and condensate, and the characteristics of the reservoir.
Carnarvon and project partner Quadrant Energy have recently uncovered oil and gas at the Dorado-1 well, which is being drilled at the Phoenix project on the North West Shelf.
This sparked strong investor interest in Carnarvon with shares last week rising to a new 12-month high of 52 cents and this morning have opened up almost 10% to 50 cents.
Dorado-1 and the nearby advancing Phoenix-3 well have been designed to test the potential of the Caley Member.
Well reaches 4,620 metres measured depth
Carnarvon and Quadrant have set the 7-inch liner at Dorado-1 and cemented in place down to around 4,044 metres measured depth (MD) with the well drilled down to about 4,620 metres MD.
The well will continue drilling ahead to a revised deeper total depth of around 4,650 metres MD after which a suite of wireline logging tools will be run.