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Carnarvon Petroleum shares surge following additional oil discoveries

Total hydrocarbon net pay extended to 132 metres in the Dorado-1 well.
shares rising chart
Carnarvon shares are trading about 26% higher intra-day

Carnarvon Petroleum Limited (ASX:CVN) has made additional oil discoveries in the Crespin and Milne Members of the Dorado-1 well in the North West Shelf off the coast of Western Australia.

The results, which follow the completion of the wireline evaluation by the Quadrant-Carnarvon Joint Venture, are in addition to those announced on 18 and 24 July 2018.

READ: Carnarvon Petroleum uncovers more oil and gas at Dorado-1, shares rise higher

Carnarvon’s managing director Adrian Cook said the latest results make the Dorado result all the more impressive.

Cook added: “The oil discovered in the Caley Member is very significant in terms of its likely scale and in proving that this play works in the basin.

“Discovering more oil in the Crespin and Milne Members makes this a truly incredible find, for Dorado and for similar structures nearby that have been identified in Carnarvon and Quadrant’s prospect list.”

READ: Carnarvon Petroleum’s Phoenix South-3 well close to primary gas and condensate target

Light oil has been recovered from the Crespin Member containing a gross hydrocarbon package of 50 metres and a net oil pay thickness of 22 metres.

The quality of the reservoir encountered was better than pre-drill estimates with average porosities of 14%.

Pressure data has confirmed that the Dorado structure contains multiple oil columns in the Caley, Crespin and Milne Members and a gas and condensate column in the Baxter Member, aggregating to a total net hydrocarbon pay of 132 metres.

 

The Caley, Baxter and Milne sands did not encounter any water, whereas the lower section of the Crespin sand contains an interpreted water contact.

Cook said: “With drilling and evaluation of the Dorado-1 well now completed, Carnarvon’s assessment of the hydrocarbon volumes associated with this discovery is now well underway.

“The hydrocarbon volumes will be announced to shareholders and investors as soon as possible.”.

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