Proactiveinvestors Australia Carnarvon Petroleum Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Carnarvon Petroleum Ltd RSS feed en Mon, 17 Jun 2019 13:33:37 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Carnarvon Petroleum appraisal confirms major Dorado oil and gas resource, shares up ]]> https://www.proactiveinvestors.com.au/companies/news/221596/carnarvon-petroleum-appraisal-confirms-major-dorado-oil-and-gas-resource-shares-up-221596.html Carnarvon Petroleum Limited’s (ASX:CVN) Dorado-2 appraisal well has confirmed a major oil and gas resource across multiple reservoir intervals offshore Western Australia.

Wireline logging of this well has confirmed pre-drill expectations of the Dorado joint venture partners Carnarvon and Santos Ltd (ASX:STO) of an oil and condensate rich gas resource.

The news prompted a strong investor response with Carnarvon shares up almost 16% in early trade to 62.5 cents on volume of almost 24 million while Santos shares have been up to 11.5 cents higher to $6.765.

READ: Carnarvon Petroleum’s initial Dorado-2 indications reveal similarities to Dorado-1 discovery

The result increases confidence to progress to development, particularly of the oil resource in the Caley reservoir, which was the primary target.

Carnarvon’s managing director Adrian Cook said: “The Dorado-2 well was very important to Carnarvon because of its potential to transition the company into a significant producer in the future.

“This highly successful result makes this a very tangible reality.”

READ: Carnarvon Petroleum oil and gas story expected to have many more pages

In the Caley reservoir the appraisal well intersected an oil-water contact as planned, which will enable refinement of the range of the recoverable oil resource.

High-quality oil was extracted from the reservoir and the excellent reservoir properties are comparable to those in the initial Dorado-1 discovery of 2018.

These results provide important definition of the required facilities for developing this oil field, providing important confidence around progressing to the first phase of development.

“A world-class resource”

Cook said: "Dorado has been proven to be a world-class resource, located in an ideal jurisdiction and operated by a quality partner.

“The joint venture can now confidently continue with its plans for a fast-tracked Caley oil development and a more substantial full field development, which is expected to incorporate the Roc discovery, on a staged basis.”

Dorado resides in WA-437-P in which Carnarvon holds a 20% interest.

Results from other reservoirs

In the Baxter reservoir, a secondary target, condensate rich gas was extracted from the well as expected.

Wireline logging also confirmed that a hydrocarbon column was encountered with no gas-water contact identified.

Pressure data indicates that the column likely extends for several hundred metres and may also encompass the Roc South structure at this level.

The Crespin reservoir was water-wet as anticipated, with valuable data being collected that will assist in refining the size of the resource encountered in Dorado-1.

READ: Carnarvon Petroleum commences new 3D survey to develop new targets

Dorado-2 appraisal well also tested the Milne reservoir with samples recorded as oil bearing on the rig.

The very light nature of this oil may result in this hydrocarbon phasing being re-classified as a highly condensate rich gas.

No water contact was encountered in the Milne section in the well.

Importantly, Dorado-2 encountered high quality and productive reservoirs in each target.

Initial indications are that fluid compositions are similar to the light oils and gases that were sampled in Dorado-1, where high condensate yields range from 70 to 245 barrels per million standard cubic feet.

This is pending confirmation from laboratory analysis.

“Excited for future”

Carnarvon has started preparing updated volumetric estimates based on the results of Dorado-2.

The MD concluded: "Overall, I’m very pleased with the result from this well and incredibly excited for the future of our company.”

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Thu, 06 Jun 2019 10:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221596/carnarvon-petroleum-appraisal-confirms-major-dorado-oil-and-gas-resource-shares-up-221596.html
<![CDATA[News - Carnarvon Petroleum commences new 3D survey to develop new targets ]]> https://www.proactiveinvestors.com.au/companies/news/221266/carnarvon-petroleum-commences-new-3d-survey-to-develop-new-targets-221266.html Carnarvon Petroleum Ltd (ASX:CVN) has commenced a new 3D seismic survey over the Dorado and Roc discoveries and a number of nearby prospects including Roc South.

The survey will cover 3,090 square kilometres and assist with the advancement of the Dorado oil and gas field development and to prepare for the potential drilling of a number of high graded exploration targets.

The survey has been designed to improve the data quality over the Caley, Crespin, Baxter and Milne intervals.

These intervals contain significant quantities of oil and gas as proven in the Dorado-1 well.

READ: Carnarvon Petroleum’s initial Dorado-2 indications reveal similarities to Dorado-1 discovery

Carnarvon’s managing director Adrian Cook said: “A significant amount of work is currently being undertaken in relation to the Dorado oil and gas field and high grading a number of really exciting near field exploration targets, including Pavo and Apus.

“The Keraudren 3D survey is expected to provide important new data in support of both of these objectives.”

Share price is up around 20% this week

At present, Carnarvon is drilling the Dorado-2 appraisal well and initial indications revealed that similar reservoirs have been encountered to those in the world-class Dorado-1 discovery.

These indications follow the extraction of 233 metres of whole well bore core from the well across the Caley and Baxter reservoirs.

As a result the share price has increased from around 42 cents to over 50 cents this week.

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Fri, 31 May 2019 11:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221266/carnarvon-petroleum-commences-new-3d-survey-to-develop-new-targets-221266.html
<![CDATA[News - Carnarvon Petroleum’s initial Dorado-2 indications reveal similarities to Dorado-1 discovery ]]> https://www.proactiveinvestors.com.au/companies/news/221087/carnarvon-petroleums-initial-dorado-2-indications-reveal-similarities-to-dorado-1-discovery-221087.html Carnarvon Petroleum Limited’s (ASX:CVN) initial indications from the Dorado-2 appraisal well reveal that similar reservoirs have been encountered to those in the world-class Dorado-1 discovery.

These indications follow the extraction of 233 metres of whole well bore core from the well across the Caley and Baxter reservoirs.

Logging While Drilling (LWD) tools have logged across the cored section and to the well’s current depth.

READ: Carnarvon Petroleum and partner about to start coring at Dorado-2 appraisal well

Increased resistivity observed from LWD tools indicate porous and permeable zones with indications of hydrocarbons as anticipated in the Caley, Baxter and Milne members.

Wireline logging is required to obtain definitive results and this process will begin once the well has drilled to the total depth of around 4,548 metres Measured Depth (MD).

Shares were up almost 10% in early trade to a high of 46 cents.

Development planning

The primary objective for extracting the core is to assist with development planning for the project offshore Western Australia.

As such, the core has been preserved and sent to laboratories in as original condition as possible.

Work will not begin on the core until after the analysis from the wireline has been completed.

Until this takes place the core is not able to be used to determine reservoir quality or hydrocarbon contacts.

Location of the Dorado-2 well down-dip of Dorado-1 discovery well.

READ: Carnarvon Petroleum advances to next section of Dorado-2 appraisal well offshore WA

Dorado-2 is the first appraisal well of the Dorado oil and gas field which was discovered in the latter half of last year.

Dorado-1 discovered hydrocarbon-bearing reservoirs in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.

The Dorado project is a joint venture between Carnarvon, which holds 20%, and Santos Ltd (ASX:STO).

Map of WA-437-P showing the Dorado field.

Depth of around 4,500 metres

Early this morning the Dorado-2 well was drilling ahead in 8-1/2-inch hole size at a depth of around 4,500 metres MD.

It is planned to drill to about 4,548 metres MD and then obtain wireline logging information over the complete section of open hole encompassing the Caley, Baxter, Crespin and Milne members.

The wireline logging process includes fluid sampling and pressure testing, in order to obtain information about the quality of the reservoir sections and the nature of hydrocarbon fluids encountered, including estimates of oil-water contacts.

READ: Carnarvon Petroleum into S&P/ASX 300 – AC8, BGL, PAR into All Ordinaries

Drilling is in water depth of about 95 metres and the Dorado-2 well is 2.2 kilometres away from the Dorado-1 discovery.

Dorado-2 is about 160 kilometres north-northeast of Port Hedland in the Bedout Sub-basin.

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Wed, 29 May 2019 11:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221087/carnarvon-petroleums-initial-dorado-2-indications-reveal-similarities-to-dorado-1-discovery-221087.html
<![CDATA[News - Carnarvon Petroleum and partner about to start coring at Dorado-2 appraisal well ]]> https://www.proactiveinvestors.com.au/companies/news/220645/carnarvon-petroleum-and-partner-about-to-start-coring-at-dorado-2-appraisal-well-220645.html Carnarvon Petroleum Limited (ASX:CVN) and Dorado oil and gas project partner Santos Ltd (ASX:STO) are about to begin coring across the Caley and Baxter members of the Dorado-2 appraisal well.

This well is the first appraisal well of the world-class Dorado oil and gas field offshore Western Australia which was discovered in the latter half of last year.

The JV partners plan to acquire around 200 metres of whole bore core across the Caley and Baxter members before continuing drilling, with Logging While Drilling (LWD) tools, to a planned total depth of around 4,500 metres.

READ: Carnarvon Petroleum advances to next section of Dorado-2 appraisal well offshore WA

Once the well has been drilled to the total depth, the plan is to run Wireline Logging Tools across the relevant reservoir sections.

Map of WA-437-P showing the Dorado field.

This coring process follows further progress with the well, including completing the 12-1/4-inch section and setting and cementing in place the 9-5/8-inch casing.

The 8-1/2-inch hole has subsequently been drilled to the coring point of about 3,935 metres measured depth.

Due to the nature of coring operations, no information will be available to the joint venture during this process.

The Dorado-1 well, which is about 2.2 kilometres from Dorado-2, discovered hydrocarbon-bearing reservoirs in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.

It intersected net 130 metres of hydrocarbons of which almost 80 metres was within the Caley reservoir, thus making this the main target for the appraisal well.

READ: Carnarvon Petroleum starts appraisal well at major North West Shelf discovery

The Dorado-2 well is in the Bedout Sub-basin, about 160km north-northeast of Port Hedland, and is within the WA-437-P licence in which Carnarvon holds a 20% interest.

Drilling is in water depth of approximately 95 metres.

After completing Dorado-2, the Noble Tom Prosser jack-up drilling rig is scheduled to drill the near-field exploration well Roc South-1 followed by the Dorado-3 appraisal well.

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Tue, 21 May 2019 15:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220645/carnarvon-petroleum-and-partner-about-to-start-coring-at-dorado-2-appraisal-well-220645.html
<![CDATA[News - Carnarvon Petroleum advances to next section of Dorado-2 appraisal well offshore WA ]]> https://www.proactiveinvestors.com.au/companies/news/220083/carnarvon-petroleum-advances-to-next-section-of-dorado-2-appraisal-well-offshore-wa-220083.html Carnarvon Petroleum Limited (ASX:CVN) and its Dorado oil and gas project joint venture partner Santos Ltd (ASX:STO) are making steady progress with the Dorado-2 appraisal well on the North West Shelf offshore Western Australia.

Drilling of the 12-1/4-inch hole section is underway and this morning drilling operations were at approximately 2,250 metres.

This section is planned to advance to about 3,800 metres measured depth (MD) and no hydrocarbons are anticipated to be intersected in this drilling section.

READ: Carnarvon Petroleum starts appraisal well at major North West Shelf discovery

Dorado-2 is the first appraisal well of the Dorado oil and gas field which was discovered in the latter half of last year.

The Dorado-1 well discovered hydrocarbon-bearing reservoirs in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.

It intersected net 130 metres of hydrocarbons of which almost 80 metres was within the Caley reservoir, thus making this the main target for the appraisal well.

READ: Carnarvon Petroleum advances world-class Dorado discovery with appraisal to start next month

Dorado-2 is in water depth of around 95 metres and is about 2.2 kilometres from the Dorado-1 discovery.

Map of WA-437-P showing the Dorado field.

The JV partners have drilled the 17-1/2-inch hole to a depth of approximately 1,230 metres MD and the 13-3/8-inch casing has been set and cemented in place.

Caley Member is primary target

After the well reaches around 3,800 metres MD a 9-5/8-inch casing will be set before the 8-1/2-inch hole section is drilled to the planned coring depth above the top of the primary Caley Member section.

The new well has been planned to intersect hydrocarbons within this reservoir and extending the oil column.

It is expected to encounter similar high-quality reservoir to that discovered in Dorado-1 in the Caley.

READ: Carnarvon Petroleum oil and gas story expected to have many more pages

While Dorado-2 has been designed to intersect potential hydrocarbon-water contacts in the Caley reservoir, the location has also been chosen to intersect hydrocarbons in the Baxter and Milne reservoirs.

After reaching the target member, an approximate 200-metre full well-bore core will then be cut and extracted over the Caley and Baxter reservoirs.

Final depth of 4,550 metres

The well will then be drilled to final depth of around 4,550 metres before wireline logging will commence.

At the completion of the wireline logging program the JV will be able to ascertain the quality of the reservoirs encountered and the presence and composition of hydrocarbon fluids.

Managing director Adrian Cook addresses investors at last month’s Proactive CEO Sessions (see presentation).

The Dorado-2 appraisal well is about 160 kilometres north-northeast of Port Hedland in the Bedout Sub-basin and is within the WA-437-P licence in which Carnarvon holds a 20% interest.

Following Dorado-2, the rig is scheduled to drill the near-field exploration well Roc South-1 followed by the Dorado-3 appraisal well.

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Mon, 13 May 2019 10:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220083/carnarvon-petroleum-advances-to-next-section-of-dorado-2-appraisal-well-offshore-wa-220083.html
<![CDATA[News - Carnarvon Petroleum starts appraisal well at major North West Shelf discovery ]]> https://www.proactiveinvestors.com.au/companies/news/219621/carnarvon-petroleum-starts-appraisal-well-at-major-north-west-shelf-discovery-219621.html Carnarvon Petroleum Limited (ASX:CVN) has started Dorado-2 appraisal well near the site of the significant Dorado-1 oil and gas discovery on the North West Shelf offshore Western Australia.

The new well will appraise the oil and gas discovered in the Dorado-1 well in 2018, which intersected several independent hydrocarbon columns.

Columns in the Caley, Baxter and Milne reservoirs were interpreted to extend beyond the reservoir intersected in Dorado-1 and Dorado-2 will target these in a down-dip location.

READ: Carnarvon Petroleum mobilises drilling rig for Dorado-2 appraisal well

Since arriving at the Dorado-2 location, around 2.2 kilometres from the Dorado-1 well location, the ready to operate process has been completed on the Noble Tom Prosser jack-up drilling rig.

The Dorado project joint venture team has also drilled the surface hole and installed the surface casing.

Majority JV partner and project operator is Santos Ltd (ASX:STO) with Carnarvon holding 20% and the project is around 160 kilometres north-northeast of Port Hedland in the Bedout Sub-basin.

Dorado and Roc South reside in WA-437-P in which Carnarvon holds a 20% interest.

READ: Carnarvon Petroleum oil and gas story expected to have many more pages

The rig will drill the 17-1/2 inch hole to the planned section depth of about 1,200 metres measured depth (MD) followed by setting the 13-3/8 inch casing.

Drilling is in water depth of around 95 metres.

Dorado-2 is the first appraisal well of the Dorado oil and gas field, which is one of the largest oil resources ever found on the North West Shelf.

The Dorado-1 well discovered hydrocarbon-bearing reservoirs in the Caley, Baxter, Crespin and Milne Members of the Lower Keraudren Formation.

Dorado-2 has several objectives designed to increase the certainty regarding the hydrocarbon contacts and further understand the characteristics of the key reservoirs.

Location of Dorado-2 down-dip of Dorado-1.

READ: Carnarvon Petroleum advances world-class Dorado discovery with appraisal to start next month

Dorado-1 well intersected net 130 metres of hydrocarbons of which almost 80 metres was within the Caley reservoir, thus making this the main target for the appraisal well.

The new well has been planned to intersect hydrocarbons within this reservoir and extending the oil column.

It is expected to encounter similar high-quality reservoir to that discovered in Dorado-1 in the Caley.

To confirm this, a full well-bore core is planned to be extracted over the Caley section.

While Dorado-2 has been designed to intersect potential hydrocarbon-water contacts in the Caley reservoir, the location has also been chosen to intersect hydrocarbons in the Baxter and Milne reservoirs.

Drilling plan

It will take about one month to drill and set the surface and intermediate casings to a point just above the main Caley reservoir.

An approximate 200-metre full well-bore core will then be cut and extracted over the Caley and Baxter reservoirs.

The well will then be drilled to final depth of around 4,550 metres before wireline logging will commence.

At the completion of the wireline logging program the JV will be able to ascertain the quality of the reservoirs encountered and the presence and composition of hydrocarbon fluids.

Further wells

Following the Dorado-2 well, the rig is scheduled to drill the near-field exploration well Roc South-1 followed by the Dorado-3 appraisal well.

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Fri, 03 May 2019 11:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219621/carnarvon-petroleum-starts-appraisal-well-at-major-north-west-shelf-discovery-219621.html
<![CDATA[News - Carnarvon Petroleum mobilises drilling rig for Dorado-2 appraisal well ]]> https://www.proactiveinvestors.com.au/companies/news/219207/carnarvon-petroleum-mobilises-drilling-rig-for-dorado-2-appraisal-well-219207.html Carnarvon Petroleum Ltd (ASX:CVN) has mobilised the Noble Tom Prosser jack-up drilling rig which is now close to being on the Dorado-2 well location.

The Dorado-2 well is the first appraisal of the significant Dorado discovery that was drilled in the second half of 2018.

READ: Carnarvon Petroleum Dorado discovery “one of the largest oil resources ever found on the North West Shelf”

The Dorado-2 well is planned as a down-dip appraisal well to delineate the hydrocarbon contacts in the Caley, Baxter and Milne Members of the Lower Keraudren Formation.

The results from this well will be used to increase subsurface certainty and provide additional comfort that the Dorado structure has sufficient hydrocarbons to support a development.

Dorado and Roc South reside in WA-437-P in which Carnarvon holds a 20% interest

The Dorado-2 well is about 160 kilometres north-northeast of Port Hedland in the Bedout Sub-basin.

Drilling is in about 95 metres water depth with the Dorado-2 location being around 2.2 kilometres from the Dorado-1 location.

Following the Dorado-2 well, the rig is scheduled to drill the near-field exploration well Roc South-1 with the Dorado-3 appraisal well to immediately follow the Roc South-1 well.

READ: Carnarvon Petroleum adds third well to 2019 program at Dorado oil, gas and condensate discovery

Carnarvon managing director Adrian Cook said: “We expect the 2019 drilling program to be the most significant in the company’s history with three important wells designed to solidify the case for a substantial oil and gas development.”

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Mon, 29 Apr 2019 11:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219207/carnarvon-petroleum-mobilises-drilling-rig-for-dorado-2-appraisal-well-219207.html
<![CDATA[News - Carnarvon Petroleum advances world-class Dorado discovery with appraisal to start next month ]]> https://www.proactiveinvestors.com.au/companies/news/218097/carnarvon-petroleum-advances-world-class-dorado-discovery-with-appraisal-to-start-next-month-218097.html Carnarvon Petroleum Limited (ASX:CVN) has substantially advanced preparations during the March quarter to appraise the world-class Dorado discovery on WA’s North West Shelf.

Along with its Dorado majority joint venture partner and project operator Santos Ltd (ASX:STO), the company expects to begin appraisal of the Dorado-2 well in May 2019, which will be the first of three wells planned for the 2019 drill campaign.

Results from Dorado-2, Roc South-1 and Dorado-3 will be instrumental in preparing for a final investment decision (FID), which is expected late in 2020.

Carnarvon Petroleum managing director Adrian Cook said: “The Dorado-2 appraisal well is expected to commence in May 2019 and the Noble Tom Presser drill rig has been contracted for the 2019 drill program, which is nearby in Carnarvon basin drilling a well before it moves to the Dorado location.

“The Roc South-1 exploration well will also be added to the 2019 drill program and will commence immediately after the Dorado-2 well with this addition providing the potential to add to the hydrocarbons which have already been discovered at Dorado and Roc, highlighting the joint venture's continued focus on exploration.”

READ: Carnarvon Petroleum non-executive director buys more shares on market

Cook said that the $50 million placement, which was completed during the quarter, ensured the company had a robust financial position for the 2019 exploration and appraisal program.

Exploration expenditure during the quarter of A$1.2 million included technical work, planning and long-lead items for the 2019 Dorado and Roc South drill campaign and preparatory work on the Buffalo oil field redevelopment project.

Buffalo negotiations

Carnarvon has also completed its negotiations with the government of Timor-Leste regarding a Production Sharing Contract (PSC) for the Buffalo project.

Cook said: “With the fundamental terms of the PSC agreed in principal, Carnarvon now awaits the finalisation of the Maritime Boundary Treaty between the governments of Australia and Timor-Leste.”

At Dorado, there are also two additional standout oil prospects which have been de-risked following the Dorado discovery – the Pavo and Apus prospects, which are estimated to contain 82 million and 612 million barrels respectively of oil recoverable.

Carnarvon expects to provide further information on these prospects as work progresses.

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Mon, 08 Apr 2019 11:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218097/carnarvon-petroleum-advances-world-class-dorado-discovery-with-appraisal-to-start-next-month-218097.html
<![CDATA[News - Carnarvon Petroleum non-executive director buys more shares on market ]]> https://www.proactiveinvestors.com.au/companies/news/216437/carnarvon-petroleum-non-executive-director-buys-more-shares-on-market-216437.html Carnarvon Petroleum Ltd (ASX:CVN) non-executive director Gavin Ryan has purchased 159,140 shares through on-market trades.

The purchase amounted to $69,936 and has increased Ryan’s total holding in the company to 229,240 shares (direct and indirect interests).

READ: Carnarvon Petroleum oil and gas story expected to have many more pages

Carnarvon has attracted a great deal of interest with its oil & gas story in the last 12 months and has upcoming catalysts that seem certain to increase the interest.

Managing director Adrian Cook explained to investors at this week’s Proactive CEO Sessions in Sydney and Melbourne that the company had $98 million in cash to vigorously pursue its strategy.

He said the past year had been significant for Carnarvon but with support from its Dorado project joint venture partner, Santos Ltd (ASX:STO), which was talking up the JV’s potential, the story had a long way to run.

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Thu, 14 Mar 2019 14:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216437/carnarvon-petroleum-non-executive-director-buys-more-shares-on-market-216437.html
<![CDATA[News - Carnarvon Petroleum oil and gas story expected to have many more pages ]]> https://www.proactiveinvestors.com.au/companies/news/216344/carnarvon-petroleum-oil-and-gas-story-expected-to-have-many-more-pages-216344.html Carnarvon Petroleum Ltd (ASX:CVN) has attracted a great deal of interest with its oil & gas story in the last 12 months and has upcoming catalysts that seem certain to increase the interest.

Managing director Adrian Cook explained to investors at this week’s Proactive CEO Sessions in Sydney and Melbourne that the company had $98 million in cash to vigorously pursue its strategy.

READ: Carnarvon Petroleum into S&P/ASX 300 – AC8, BGL, PAR into All Ordinaries

He said the past year had been significant for Carnarvon but with support from its Dorado project joint venture partner, Santos Ltd (ASX:STO), which was talking up the JV’s potential, the story had a long way to run.

READ: Carnarvon Petroleum raises $50 million to fund world-class Dorado discovery

The near-term catalysts that Cook referred to in his presentation are:

Dorado-2 appraisal well to start by the end of April; Dorado-3 appraisal well; Dorado development preparations, including engineering and design studies; Roc South-1 exploration well; and Buffalo project exploration well.

To view the presentation made by Adrian Cook click here.

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Wed, 13 Mar 2019 17:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216344/carnarvon-petroleum-oil-and-gas-story-expected-to-have-many-more-pages-216344.html
<![CDATA[News - Carnarvon Petroleum’s Dr Peter Moore buys $42,000 worth of stock ]]> https://www.proactiveinvestors.com.au/companies/news/216128/carnarvon-petroleums-dr-peter-moore-buys-42000-worth-of-stock-216128.html Carnarvon Petroleum Ltd (ASX:CVN) non-executive director Dr Peter Moore has purchased 100,000 shares for $42,000 via on-market trades.

The purchase increases his overall holding to 420,232 shares in the oil and gas explorer, which made a breakthrough discovery in 2018.

READ: Carnarvon Petroleum raises $50 million to fund world-class Dorado discovery

Recent funding will be applied to Carnarvon’s appraisal and exploration activities in Australia’s North West Shelf, and to engineering and design studies relating to Dorado.

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Mon, 11 Mar 2019 08:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216128/carnarvon-petroleums-dr-peter-moore-buys-42000-worth-of-stock-216128.html
<![CDATA[News - Carnarvon Petroleum into S&P/ASX 300 – AC8, BGL, PAR into All Ordinaries ]]> https://www.proactiveinvestors.com.au/companies/news/216047/carnarvon-petroleum-into-spasx-300--ac8-bgl-par-into-all-ordinaries-216047.html Carnarvon Petroleum Ltd (ASX:CVN) has featured twice in the quarterly S&P Dow Jones Indices rebalance, entering the All Ordinaries (INDEXASX:XAO) and the S&P/ASX 300 (INDEXASX:XKO).

The company’s recent oil and gas discovery means that it is 1 of 10 companies added to the ASX 300 index.

WATCH: Carnarvon Petroleum advancing Dorado and Buffalo projects

Meanwhile, Auscann Group Holdings Ltd (ASX:AC8), Bellevue Gold Ltd (ASX:BGL), and Paradigm Biopharmaceuticals Ltd (ASX:PAR) have all been added to the All Ordinaries Index.

Additional to indices can be a catalyst for stocks

The addition to an index can create liquidity for stocks.

This is because certain larger institutional investors have rules for which stocks they can and can’t own in their portfolios.

An Australian fund manager, for example, might only be able to buy stocks that are big enough to be in the All Ordinaries or ASX 300.

There are also ETFs that track or mimick various indices, take the Vanguard Australian Shares Index ETF (ASX:VAS) for example, it seeks to track the return of the S&P/ASX 300 Index.

Because it seeks to track the ASX 300, this means it will now have to buy shares in Carnarvon because it is set to become a member of the ASX 300.

READ: AusCann Group appoints Teva Pharmaceutical executive as new CEO READ: Bellevue Gold substantial holder Bank of Novia Scotia increases stake to 12.27% READ: Paradigm Biopharmaceuticals moving towards phase 2/3 MPS clinical trial ]]>
Fri, 08 Mar 2019 09:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216047/carnarvon-petroleum-into-spasx-300--ac8-bgl-par-into-all-ordinaries-216047.html
<![CDATA[Media files - Carnarvon Petroleum advancing Dorado and Buffalo projects ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12263/carnarvon-petroleum-advancing-dorado-and-buffalo-projects-12263.html Mon, 18 Feb 2019 12:57:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12263/carnarvon-petroleum-advancing-dorado-and-buffalo-projects-12263.html <![CDATA[News - Carnarvon Petroleum raises $50 million to fund world-class Dorado discovery ]]> https://www.proactiveinvestors.com.au/companies/news/214591/carnarvon-petroleum-raises-50-million-to-fund-world-class-dorado-discovery-214591.html Carnarvon Petroleum Ltd (ASX:CVN) has been successful in raising $50 million through the issue of 151.6 million shares priced at 33 cents as part of a share placement.

Funding will be applied to Carnarvon’s appraisal and exploration activities in Australia’s North West Shelf, and to engineering and design studies relating to Dorado.

READ: Carnarvon Petroleum launches $50 million placement

Carnarvon’s managing director Adrian Cook said: “This capital raising received significant interest, which is consistent with the growing investor interest in Carnarvon since the Dorado discovery.

“I want to thank our shareholders for their ongoing support and also welcome a number of new Australian and global institutions onto our register.

“This funding will ensure that Carnarvon is in a robust financial position going into our exciting 2019 program.”

More specifically, the placement will fund:

• Appraisal of the world-class Dorado discovery by drilling the Dorado-2 and Dorado-3 wells commencing in April 2019;
• Engineering and design studies to develop the Dorado field;
• Potential development focused 3D seismic over the Dorado and Roc fields;
• Capital to fund the prospective Roc South-1 exploration well which is located between the Roc and Dorado fields; and
• Potential 3D seismic acquisition over prospective exploration acreage which includes the Pavo and Apus prospects.

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Thu, 14 Feb 2019 11:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214591/carnarvon-petroleum-raises-50-million-to-fund-world-class-dorado-discovery-214591.html
<![CDATA[News - Carnarvon Petroleum launches $50 million placement ]]> https://www.proactiveinvestors.com.au/companies/news/214399/carnarvon-petroleum-launches-50-million-placement-214399.html Carnarvon Petroleum Ltd (ASX:CVN) has entered a trading halt and revealed a share placement aiming to raise $50 million at an issue price of 33 cents.

Funds raised will be put towards appraisal and exploration opportunities in order to continue to commercialise world-class discoveries in Australia’s North West Shelf, and to fund further exploration.

The appraisal program for the Dorado-2 and Dorado-3 wells is budgeted at $40-55 million and the exploration program targeting the Roc South-1 well is budgeted at $10-15 million.

Portfolio map in North West Shelf

READ: Carnarvon Petroleum adds third well to 2019 program at Dorado oil, gas and condensate discovery

More specifically, the placement will fund:

• Appraisal of the world class Dorado discovery by drilling the Dorado-2 and Dorado-3 wells commencing in April 2019;
• Engineering and design studies to develop the Dorado field;
• Potential development focused 3D seismic over the Dorado and Roc fields;
• Capital to fund the prospective Roc South-1 exploration well which is located between the Roc and Dorado fields; and
• Potential 3D seismic acquisition over prospective exploration acreage which includes the Pavo and Apus prospects.

2019 activities

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Tue, 12 Feb 2019 11:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214399/carnarvon-petroleum-launches-50-million-placement-214399.html
<![CDATA[News - Carnarvon Petroleum adds third well to 2019 program at Dorado oil, gas and condensate discovery ]]> https://www.proactiveinvestors.com.au/companies/news/213458/carnarvon-petroleum-adds-third-well-to-2019-program-at-dorado-oil-gas-and-condensate-discovery-213458.html Carnarvon Petroleum Limited (ASX:CVN) has added a third well, Roc South-1, to the 2019 drilling program at the Dorado oil, gas and condensate joint venture project offshore Western Australia.

An exploration well will be drilled immediately after the nearby Dorado-2 appraisal well is completed.

The Noble Tom Prosser rig will then finish its 2019 drilling campaign for the JV with the Dorado-3 appraisal well.

Joint venture partners are Carnarvon with 20% and project operator Santos Ltd (ASX:STO) with 80%.

READ: Carnarvon Petroleum readies Dorado appraisal for final investment decision in 2020

Carnarvon managing director Adrian Cook said: “The addition of the Roc South-1 well to the 2019 drilling campaign makes a great deal of sense given the large size of the prospect and the high chance of discovery by industry standards.

“The joint venture has ambitions to make a final investment decision to develop the Dorado field in 2020 and given the close proximity, Carnarvon anticipates that success at Roc South would mean it would likely form part of the world-class Dorado project.”

The low-risk Roc South target is estimated to contain 74 million barrels oil equivalent (Pmean, gross).

Roc South has a very similar geological trap structure to the Dorado-1 discovery and like Dorado is up-dip of the Roc structure.

Given the very similar seismic characteristics to Dorado and what is anticipated to be an identical oil sourcing mechanism, Roc South has a relatively high chance of geological success of 63%.

With the crest of Roc South around 13 kilometres from the crest of the Dorado structure, any drilling success at Roc South would likely result in this structure being developed with the Dorado field.

READ: Carnarvon Petroleum secures jack-up drill rig for appraisal program at Dorado discovery

Shallow water depths in this part of the Canning Basin on the North West Shelf mean that the JV can utilise the cost-effective Noble Tom Prosser jack-up rig for these wells.

The Noble Tom Prosser rig was also used to drill the Roc-1 discovery in this area in 2016.

Dorado-2 appraisal well is expected to begin around April.

A cost-effective Noble Tom Prosser jack-up rig will be used.

Estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations.

These estimates have an associated risk of discovery and risk of development.

Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons, including the 2019 drilling campaign.

Appraisal well objectives

The appraisal wells planned for 2019 have a number of objectives.

One aim is to focus on gaining further information on the volume of oil, gas and condensate discovered in the Dorado-1 well to build proved reserves which will underpin the Dorado development.

Another is to determine the flow properties of those hydrocarbons from the reservoirs intersected in order to optimise the Dorado development.

The third is to obtain additional data at different locations within the Dorado field.

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Tue, 29 Jan 2019 11:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213458/carnarvon-petroleum-adds-third-well-to-2019-program-at-dorado-oil-gas-and-condensate-discovery-213458.html
<![CDATA[News - Carnarvon Petroleum readies Dorado appraisal for final investment decision in 2020 ]]> https://www.proactiveinvestors.com.au/companies/news/212925/carnarvon-petroleum-readies-dorado-appraisal-for-final-investment-decision-in-2020-212925.html Carnarvon Petroleum Limited (ASX:CVN) is preparing for a final investment decision (FDI) for its Phoenix oil and gas project offshore Western Australia once appraisal of the Dorado discovery is complete.

The three wells at Dorado will undergo drill testing and technical studies this year to prepare for an investment decision in 2020.

 

The company believes the appraisal is warranted given the substantial resources and accompanying subsurface uncertainties encountered.

Carnarvon also has several near-development and exploration projects which are being advanced, including the 100%-owned Buffalo project in the western Timor Sea.

Environmental plans to drill three wells at Buffalo have been submitted and discussions regarding a production sharing contract with the Timor-Leste government are ongoing.

READ: Carnarvon Petroleum secures jack-up drill rig for appraisal program at Dorado discovery

Carnarvon managing director Adrian Cook said the company and its joint venture partner had moved swiftly in the last quarter to start preparations for appraisal of the Dorado discovery.

He said: “The 2019 Dorado appraisal program will put the joint venture in a strong position to consider the final investment decision in 2020.”

Cook also welcomed operator Santos Limited (ASX:STO) into the joint venture, noting the oil and gas major’s expertise would be invaluable as Dorado moves through the appraisal, development and production phases.

Santos become majority owner and operator of the Phoenix project after it acquired previous joint venture partner Quadrant Energy.

Carnarvon's aims for 2019

  READ: Carnarvon Petroleum welcomes Santos move on joint venture partner Quadrant

The first Dorado well encountered substantial hydrocarbons with light oil, gas and condensate identified in a number of reservoirs.

A significant amount of data was collected from well logging and fluids sampling and comprehensive post-well evaluation of the data, including fluid analysis, reservoir studies, image log interpretation and core analysis, is underway.

The Dorado-2 appraisal well will target hydrocarbon columns in a down-dip location to confirm the extent of hydrocarbon accumulations and further calibrate reservoir and fluid properties.

A Noble Tom Prosser jack-up rig has been secured and is expected to begin drilling in April.

Drill stem tests for the Dorado-3 well are also being planned, which will be critical to understand reservoir performance and obtain representative fluid samples for the design of production facilities.

  READ: Carnarvon Petroleum focusing on four key areas

Carnarvon is expanding Dorado’s exploration potential and has de-risked the nearby Roc South, Apus and Pavo prospects.

Cook said: “We are also focused on increasing the resource volumes which have already been discovered.

“This involves continuing work to further define the follow-up potential with the greater Dorado area – the stand-out prospects already identified are Roc South, Apus and Pavo.”

READ: Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1

Roc South is 13 kilometres from the crest of the Dorado structure and has a high probability of success with an estimated 74 million barrels of oil equivalent.

The prospect has a similar trap to Dorado as it is up-dip of the Roc discoveries and relies on the Dorado canyon for sealing and setting.

Apus and Pavo are estimated to contain 612 and 82 million barrels of recoverable oil, respectively.

Carnarvon's project portfolio

  READ: Carnarvon Petroleum plans to drill Buffalo oilfield redevelopment taking shape

In discussions to progress Carnarvon’s Buffalo project both the company and the Timor-Leste government have agreed to the fundamental terms of a production sharing contract (PSC).

Carnarvon now aims to complete the contract and have it ready for signing upon the ratification of the Maritime Boundary Treaty between the Australian and Timor-Leste governments.

Cook said the discussions had been very positive to date with both parties agreeing in principles to the material elements of the PSC.

He added: “Carnarvon recently commenced a farm-out process for the Buffalo project.

“Discussions with potential partners are seeking to determine whether appropriate parties can add value and financing to the project while Carnarvon looks to bring both the Dorado and Buffalo projects into production.”

Along with submission of environmental plans, the company has completed a field surveillance program in the Buffalo area.

This indicated that there were no impediments to locating the wells in the surface locations most ideal for targeting the identified attic of oil.   

READ: Carnarvon Petroleum Dorado discovery “one of the largest oil resources ever found on the North West Shelf”

Exploration work at other projects will include acquiring additional 3D seismic at the Ivory prospect within the Labyrinth project, close to the Dorado, Roc and Phoenix South discoveries.

Carnarvon’s geological analysis has identified 1.5 billion barrels of recoverable prospective resource within the permit and an estimated 420 million barrels of mean recoverable oil from the Ivory prospect.

Technical work at the Maracas project southwest of Labyrinth is ongoing and once complete the company will initiate a farm-out process to find a partner to continue testing of identified targets.

Maracas is offshore near Dampier and near existing infrastructure, producing fields and discoveries.

The permit area has shallow water depths of 60 metres and can be drilled with a cost-effective jack-up drilling rig.

Both the Condor and Eagle projects, south of the Buffalo field, are undergoing field work and technical analysis.

Carnarvon was awarded the Eagle permit last year with minimal commitments and will look to find a partner as it develops the project.

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Mon, 21 Jan 2019 00:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212925/carnarvon-petroleum-readies-dorado-appraisal-for-final-investment-decision-in-2020-212925.html
<![CDATA[Media files - Carnarvon Petroleum bringing both Dorado and Buffalo oilfields into production ASAP ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11447/carnarvon-petroleum-bringing-both-dorado-and-buffalo-oilfields-into-production-asap-11447.html Wed, 05 Dec 2018 14:19:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11447/carnarvon-petroleum-bringing-both-dorado-and-buffalo-oilfields-into-production-asap-11447.html <![CDATA[News - Carnarvon Petroleum secures jack-up drill rig for appraisal program at Dorado discovery ]]> https://www.proactiveinvestors.com.au/companies/news/210428/carnarvon-petroleum-secures-jack-up-drill-rig-for-appraisal-program-at-dorado-discovery-210428.html Carnarvon Petroleum Ltd (ASX:CVN) has secured a Noble Tom Prosser jack-up drilling rig for two appraisal wells at the Dorado joint venture oil, gas and condensate discovery offshore Western Australia.

Shallow water depths in this part of the Canning Basin on the North West Shelf mean that the joint venture can utilise a cost-effective jack-up rig for its appraisal wells.

READ: Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1

The 2019 drilling program is expected to include two appraisal wells with the first expected to begin around April.

Carnarvon managing director Adrian Cook said: “The incredible Dorado discovery earlier this year means we are highly motivated to appraise the oil, gas and condensate within the structure.

“The objective in 2019 is to enhance our understanding of the volume of the resources recoverable and move to making a final investment decision for development ideally in 2020.”

Noble Tom Prosser rig used at Roc-1

The Noble Tom Prosser rig was also used to drill the Roc-1 discovery in this area in 2016.

Joint venture partners in the Dorado exploration permit are Carnarvon with 20% and operator Santos Ltd (ASX:STO) with 80%.

Aims of appraisal wells

One aim of the appraisal wells is to focus on gaining further information on the volume of oil, gas and condensate discovered in the Dorado-1 well to build proved reserves which will underpin the Dorado development.

Another is to determine the flow properties of those hydrocarbons from the reservoirs intersected in order to optimise the Dorado development.

The third is to obtain additional data at different locations within the Dorado field.

READ: Carnarvon Petroleum focusing on four key areas

Carnarvon’s four key areas of focus for its business are:

1. Continuing with its business model and maturing new plays that farm-in partners find appealing;

2. Appraising the Dorado oil, gas and condensate discovery so that it is in a position to make a final investment decision on development by 2020;

3. Progressing the Buffalo oil field re-development project to bring that into production within a reasonable timeframe; and

4. Managing capital and financing so that the company is able to deliver an appropriate return to shareholders.

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Tue, 04 Dec 2018 10:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210428/carnarvon-petroleum-secures-jack-up-drill-rig-for-appraisal-program-at-dorado-discovery-210428.html
<![CDATA[News - Carnarvon Petroleum focusing on four key areas ]]> https://www.proactiveinvestors.com.au/companies/news/209045/carnarvon-petroleum-focusing-on-four-key-areas-209045.html Carnarvon Petroleum Ltd (ASX:CVN) at its recent annual general meeting (AGM) confirmed that there were four key areas of focus for its business.

1. Continuing with our business model and maturing new plays that farm in partners find appealing;
2. Appraising the Dorado oil, gas and condensate discovery so that we’re in a position to make a final investment decision (FID) on development by 2020;
3. Progressing our Buffalo oil field re-development project to bring that into production within a reasonable timeframe; and
4. Managing our capital and financing so that we’re able to deliver an appropriate return to shareholders.

READ: Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1

Carnarvon’s managing director Adrian Cook said in a letter to shareholders: “The Dorado well has discovered a mixture of oil and gas with condensate and it’s important to understand that the different hydrocarbon types are compatible from a development point of view, and are able to be developed in conjunction with the nearby Roc discovery.

“From the hydrocarbon samples recovered from Dorado we are also not seeing material amounts of unwanted components such as sulphur, mercury or carbon dioxide in the fluids tested to date so the hydrocarbons look appealing as the world focuses on cleaner energy sources."

Dorado discovery warrants 2019 drilling

Carnarvon noted the Dorado result definitely warrants appraisal drilling in 2019 and it aims to assess the extent of the resources through two wells.

The company is particularly focused on the oil in the Caley interval to see if it can bring that into production in a timely manner which may be prior to gas production and sales.

Developing the oil in the Caley would have a lower capital cost and generate earlier cash flows that could facilitate a larger field development capturing the remaining oil, gas and condensate.

READ: Carnarvon Petroleum director increases shareholding through on-market trades

Cook also said in his letter: “The Board and management are incredibly excited about building on our value and share price through maturing our discovered resources to reserves and then producing oil, gas and condensate and discovering more hydrocarbons in and around Dorado and further within our broader portfolio of assets.”

What Carnarvon aims to achieve in 2019

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Tue, 13 Nov 2018 09:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209045/carnarvon-petroleum-focusing-on-four-key-areas-209045.html
<![CDATA[News - Carnarvon Petroleum director increases shareholding through on-market trades ]]> https://www.proactiveinvestors.com.au/companies/news/208574/carnarvon-petroleum-director-increases-shareholding-through-on-market-trades-208574.html Carnarvon Petroleum Ltd (ASX:CVN) director Peter Moore has purchased 50,000 shares through on-market trades for a total consideration of $17,679.

The purchase increase Moore’s holding in the company to 320,232 shares and 500,000 unlisted options.

READ: Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1

Carnarvon recently completed a positive initial assessment of follow-up prospects to the highly successful oil discovery at the Dorado-1 well offshore Western Australia.

Three prospects – Roc South, Pavo and Apus – have been estimated to contain significant quantities of oil, gas and condensate.

Dorado-1, for which volumetric results estimate a gross contingent resource of 283 million barrels of oil equivalent (MMboe), including 171 million barrels of light oil, has unlocked a new play type.

READ: Carnarvon Petroleum plans to drill Buffalo oilfield redevelopment taking shape

Carnarvon is also advancing plans to drill the Buffalo oilfield redevelopment project in Timor-Leste territorial waters in the third quarter of 2019.

Last month the company mobilised a team to undertake field surveillance in the area of the proposed redevelopment.

This work was carried out to determine potential future surface locations for wells, the platform and flowline to a Floating Production, Storage and Offloading vessel (FPSO).

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Tue, 06 Nov 2018 13:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208574/carnarvon-petroleum-director-increases-shareholding-through-on-market-trades-208574.html
<![CDATA[News - Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1 ]]> https://www.proactiveinvestors.com.au/companies/news/207029/carnarvon-petroleum-has-strong-potential-to-add-to-oil-bounty-of-dorado-1-207029.html Carnarvon Petroleum Limited (ASX:CVN) has completed a positive initial assessment of follow-up prospects to the recent highly successful oil discovery at Dorado-1 offshore Western Australia.

Three prospects – Roc South, Pavo and Apus – have been estimated to contain significant quantities of oil, gas and condensate.

Dorado-1, for which volumetric results estimate a gross contingent resource of 283 million barrels of oil equivalent (MMboe), including 171 million barrels of light oil, has unlocked a new play type.

READ: Carnarvon Petroleum progressing one of the largest oil resources ever found on the North West Shelf

Investors responded initially with shares up almost 8% at the opening to 42 cents.

Work by Carnarvon and project partner Quadrant Energy since the Dorado-1 discovery has included assessment of other prospects.

These are in multiple stacked, high-quality sandstone reservoirs set-up and trapped by what is now known to be a shale filled channel ‘Dorado Canyon’.

Preliminary mapping of the extent of this canyon, and the similar Apus Canyon, identified numerous other prospects that have been significantly de-risked due to the success of the Dorado-1 well.

Three key, nearby prospects have been further evaluated and volumetric and risking analysis undertaken.

Prospect estimates with net volumes pertaining to CVN’s interest in the gross figures.

Data collected from Dorado-1 has been extensively used to evaluate the potential of the nearby prospects, and the range of net reservoirs and column heights interpreted for the Dorado-1 well have been used to constrain the parameters.

READ: Carnarvon Petroleum welcomes Santos move on joint venture partner Quadrant

The high quality of the Dorado reservoirs, with porosities averaging around 20% for the Caley reservoir, combined with the quality of the light oil (around 50⁰ API) has meant that prospective resources have been estimated to have high recovery factors averaging around 43%.

Roc South estimate

Roc South prospect appears to be a very similar trap to Dorado, being similarly situated up-dip of the Roc discoveries and relying on the Dorado Canyon for sealing and setting up the prospect.

Recoverable oil from this prospect is estimated at 56 million barrels (gross Pmean).

Reservoir packages are expected to be thicker compared to Dorado, although the smaller areal extent means overall volumes are anticipated to be smaller than Dorado.

Roc South prospect is on trend and in close vicinity to Dorado.

Given the very similar seismic characteristics between Dorado and Roc South, and what is anticipated to be an identical oil sourcing mechanism, the Roc South prospect has a relatively high chance of geological success.

READ: Carnarvon Petroleum plans to drill Buffalo oilfield redevelopment taking shape

With the Roc South crest being around 13 kilometres from the Dorado structure crest, and the two structures even closer at lower levels, drilling success at Roc South would naturally lead to this structure being developed along with Dorado.

Pavo estimate

The Pavo structure is around 40 kilometres from Dorado and analysis suggests that this trap consists of a single reservoir layer, leading to a more modest potential size of 82 million barrels of oil (Pmean, gross).

Given the proximity to a well drilled by previous permit holders, Keraudren-1, the technical attributes of this prospect are better known and hence this well has a higher geological chance of success.

Keraudren-1 encountered the Hove seal and below 100s of metres of high porosity and permeable sands and as such is unlikely to have stacked sands like Dorado.

Hence the estimated volumes are calculated at one single Caley level only.

A number of reservoirs at Apus

Similar to Dorado, which is only a few kilometres away, Apus prospect comprises a number of potential stacked reservoirs in the Caley, Baxter, Crespin and Milne sands over a considerable area.

Trapping mechanisms of the Apus trap.

When the individual sands are arithmetically added, the mean recoverable volume of oil of 612 million barrels (gross) is substantial.

The Apus reservoirs are trapped by the Hove seal and Apus Canyon, with oil being potentially sourced from below the Dorado Canyon.

Strong interest expected

Dorado and these three prospects are expected to attract significant joint venture focus in 2019 and 2020.

These estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations.

The estimates have an associated risk of discovery and risk of development with further exploration, appraisal and evaluation required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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Mon, 15 Oct 2018 12:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207029/carnarvon-petroleum-has-strong-potential-to-add-to-oil-bounty-of-dorado-1-207029.html
<![CDATA[News - Carnarvon Petroleum plans to drill Buffalo oilfield redevelopment taking shape ]]> https://www.proactiveinvestors.com.au/companies/news/206623/carnarvon-petroleum-plans-to-drill-buffalo-oilfield-redevelopment-taking-shape-206623.html Carnarvon Petroleum Limited (ASX:CVN) is advancing plans to drill the Buffalo oilfield redevelopment project in Timor-Leste territorial waters in the third quarter of 2019.

Last week the company mobilised a team to undertake field surveillance in the area of the proposed redevelopment.

This work was carried out to determine potential future surface locations for wells, the platform and flowline to a Floating Production, Storage and Offloading vessel (FPSO).

The Buffalo field layout schematic.

No impediments to proposed well locations

Data from the survey indicates that there are no impediments to locating the wells in the surface locations most ideal for targeting the identified attic of oil.

Additional analysis is continuing to be being undertaken by the company.

READ: Carnarvon Petroleum progressing one of the largest oil resources ever found on the North West Shelf

Carnarvon is also exploring the Dorado and Phoenix projects at the southern end of the North West Shelf offshore Western Australia with this work attracting plenty of attention.

As part of Buffalo preparations, Carnarvon has submitted an environmental plan for the drilling of up to three wells in the field.

Preparations also involve engaging with the governments of  Australia and Timor-Leste to be able to drill a well in the Timor-Leste jurisdiction.

READ: Carnarvon Petroleum welcomes Santos move on joint venture partner Quadrant

Carnarvon was awarded the WA-523-P acreage in May 2016, including the previously developed Buffalo field, for an initial six-year term.

The field was discovered by BHP in 1996 and developed using four wells drilled from a small, unmanned wellhead platform installed in 25 metres water depth, tied back to an FPSO.

Production began in December 1999 at daily rates up to about 50,000 stock tank barrels (stb) of highly-undersaturated, light oil (53°API) from the Jurassic-age Elang Formation.

It ended in November 2004 after the production of 20.5 million stb with all existing facilities and wells decommissioned and removed before Carnarvon was awarded the block.

Seismic dataset reprocessed

Carnarvon initially focused on reprocessing of the 3D seismic dataset using state-of-the-art full waveform inversion (FWI) technology.

This supports the interpretation of a significant attic oil accumulation remaining after the original development.

Buffalo represents a low-risk oil field redevelopment.

Reservoir modelling has been conducted using the latest structural interpretation and available well data.

This included an extensive history-matching effort to calibrate model/well performance to production rates and water-cut development (governed by strong aquifer drive) observed during the original production period.

“Economically compelling”

Carnarvon believes the project appears economically compelling based on its preliminary mean recoverable volume of 31 million barrels, which has been reviewed by leading independent consulting firm RISC.

To emphasise the scale of this project, at today’s oil price Buffalo would generate a revenue of more than $3 billion over a project life of a few years.

The proposed Buffalo wellhead platform.

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Tue, 09 Oct 2018 12:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206623/carnarvon-petroleum-plans-to-drill-buffalo-oilfield-redevelopment-taking-shape-206623.html
<![CDATA[News - Carnarvon Petroleum progressing one of the largest oil resources ever found on the North West Shelf ]]> https://www.proactiveinvestors.com.au/companies/news/203938/carnarvon-petroleum-progressing-one-of-the-largest-oil-resources-ever-found-on-the-north-west-shelf-203938.html Carnarvon Petroleum Limited (ASX:CVN) is witnessing significant interest from media, shareholders and the broader market in its recent drilling and operational activities.

The company’s share price recently rose to more than 60 cents, a fivefold increase since February 2018.

There are a number of upcoming share price catalysts over the next 12-18 months

READ: Carnarvon Petroleum Dorado discovery “one of the largest oil resources ever found on the North West Shelf”

Carnarvon’s Dorado discovery (20% interest) in the North West Shelf offshore Western Australia was the breakthrough result that the company was seeking.

Volumetric results estimate gross contingent resource of 283 million barrels of oil equivalent (MMboe), including 171 million barrels of light oil.

It is a large and exciting outcome that is expected to be central to the commercialisation of the oil and gas resources in this region.

Carnarvon’s net contingent resources of 108 MMboe are conventional shallow water discoveries

Buffalo Project (100% CVN)

A project that the company is equally excited about, but that has attracted far less investor attention so far, is the Buffalo Project in Timor-Leste territorial waters.

The project appears economically compelling based on Carnarvon’s preliminary mean recoverable volume of 31 million barrels, which has been reviewed by leading independent consulting firm RISC.

READ: Carnarvon Petroleum moves closer to oil production at Buffalo with preparations for first well

To emphasise the scale of this project, at today’s oil price this project would generate a revenue of more than $3 billion over a project life of a few years.

Carnarvon is progressing discussions with the Timor-Leste Government, with whom the company is having a constructive and supportive dialogue and have set up a representative office in the capital Dili.

Carnarvon’s large portfolio is located across the North West Shelf in proven oil and gas fairways

Forward plan

The Dorado discovery proves a play type that has a number of follow-on targets to consider. Carnarvon is currently refining these and will update the market soon.

While the Dorado and Phoenix South wells have been the focus recently, Carnarvon is also advancing its 100% held Buffalo oil field redevelopment project.

A central piece to this is the progression of the new production sharing contract.

Teams from Carnarvon and the Australian and Timor-Leste Governments have been working diligently on this task and appear to be making solid progress.

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Fri, 31 Aug 2018 13:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203938/carnarvon-petroleum-progressing-one-of-the-largest-oil-resources-ever-found-on-the-north-west-shelf-203938.html
<![CDATA[News - Carnarvon Petroleum to relate its oil and gas story at Proactive CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/203618/carnarvon-petroleum-to-relate-its-oil-and-gas-story-at-proactive-ceo-sessions-203618.html Carnarvon Petroleum Limited (ASX:CVN) has had plenty of news to share of late resulting in shares surging to a new 12-month high of 69.5 cents early this month.

This makes next month’s Proactive CEO Sessions a must-attend for investors interested in the company and its oil and gas strategy.

READ: Carnarvon Petroleum’s oil exploration strategy continues to generate significant shareholder value

Carnarvon’s managing director Adrian Cook will inform investors about latest developments at the Dorado-1 and Phoenix South-3 wells of its Phoenix joint venture project on the North West Shelf.

He will also talk about plans for the Buffalo project in Timor-Leste territorial waters.

This project appears economically compelling based on Carnarvon’s preliminary mean recoverable volume of 31 million barrels, which has been reviewed by leading independent consulting firm RISC.

 

It is the oil discovery at Dorado-1 well that has spurred strong investor interest.

This has now been confirmed as the third largest discovery in the history of the North West Shelf.

Leading oil and gas consultancy firm Wood Mackenzie puts the Dorado 2C contingent oil resource of 171 million barrels of oil behind the Barrow Island and Wanaea resources.

Very few junior ASX-listed oil and gas companies have participated in a discovery of this magnitude.

Managing director Adrian Cook.

Carnarvon holds a 20-30% interest in the four associated permits that comprise the Phoenix project, including the Dorado, Roc and Phoenix South discoveries.

READ: Carnarvon Petroleum welcomes Santos move on joint venture partner Quadrant

The company has welcomed the potential acquisition of its Phoenix project joint venture partner Quadrant Energy by major oil industry player Santos Limited (ASX:STO), a highly experienced oil and gas player.

Santos intends to acquire 100% of Quadrant, including the 70-80% interest in the Phoenix project, for cash consideration of US$2.15 billion in addition to contingent payments and royalties.

Carnarvon said it had good relations with Santos and shared that company’s enthusiasm for the Phoenix project and its willingness to quickly commercialise recent discoveries including Dorado.

Register today to find out more.

Sydney details, Monday, September 17, 2018

Melbourne details, Tuesday, September 18, 2018

Or call John Phillips on (02) 9280 0700

The Proactive CEO Sessions will feature five presenting companies in total.

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Mon, 27 Aug 2018 15:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203618/carnarvon-petroleum-to-relate-its-oil-and-gas-story-at-proactive-ceo-sessions-203618.html
<![CDATA[News - Carnarvon Petroleum welcomes Santos move on joint venture partner Quadrant ]]> https://www.proactiveinvestors.com.au/companies/news/203437/carnarvon-petroleum-welcomes-santos-move-on-joint-venture-partner-quadrant-203437.html Carnarvon Petroleum Limited (ASX:CVN) has welcomed the potential acquisition of its Phoenix project joint venture partner Quadrant Energy by major oil industry player Santos Limited (ASX:STO).

Under the proposed deal, Santos will acquire 100% of Quadrant, including the 70-80% interest in the Phoenix project, for cash consideration of US$2.15 billion in addition to contingent payments and royalties.

Third largest North West Shelf discovery

News of the Santos move comes as Carnarvon has received confirmation that the recent oil discovery at Dorado-1 is the third largest discovery in the history of the North West Shelf.

Leading oil and gas consultancy firm Wood Mackenzie puts the Dorado 2C contingent oil resource of 171 million barrels of oil behind the Barrow Island and Wanaea resources.

Very few junior ASX-listed oil and gas companies have participated in a discovery of this magnitude.

READ: Carnarvon Petroleum Dorado discovery “one of the largest oil resources ever found on the North West Shelf”

Carnarvon holds a 20-30% interest in the four associated permits that comprise the Phoenix project, including the Dorado, Roc and Phoenix South discoveries.

The company said it had good relations with Santos, a highly experienced oil and gas exploration and production company, and looked forward to progressing the Phoenix project together.

It said that it shared the enthusiasm shown by Santos in relation to the Phoenix project and the willingness to quickly commercialise the recent discoveries including Dorado.

 

Santos has not stated what proportion of the upfront consideration was applied to the Phoenix project area.

Accordingly, it is not possible to ascertain the consideration applicable and, therefore, the look through value associated with the project.

Carnarvon intends to shortly provide further details on prospects identified by the play concept now proven at Dorado, that it believes have potential to add to the contingent oil resource.

Overlap with Quadrant portfolio

In a statement on Wednesday, Santos said there was considerable overlap with the Quadrant portfolio.

This “provides combination synergies estimated at US$30-50 million per annum” along with “opportunities to leverage Quadrant’s offshore operating capability across Santos’ Western Australia and Northern Australia portfolio”.

READ: Carnarvon Petroleum’s oil exploration strategy continues to generate significant shareholder value

Quadrant holds natural gas and oil production, near and medium-term development, appraisal and exploration assets across more than 52,000 square kilometres of acreage.

This is predominantly in the Carnarvon Basin offshore WA, Australia’s largest offshore oil and natural gas province.

Quadrant’s portfolio includes a large inventory of discovered resources to backfill existing infrastructure and a leading position in the highly prospective Bedout Basin, including the Dorado discovery.

“Near-term development opportunity”

Santos said this “provides near-term development opportunity and unlocks material exploration potential”.

Quadrant is held directly or indirectly by Brookfield Asset Management (36.2%), Macquarie

Capital (21.8%), Wesfarmers Ltd (ASX:WES) (13.2%), AMB Holdings (13.2%), Canadian institutional investor CDPQ (12.1%) and Quadrant management (3.4%).

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Thu, 23 Aug 2018 11:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203437/carnarvon-petroleum-welcomes-santos-move-on-joint-venture-partner-quadrant-203437.html
<![CDATA[News - Carnarvon Petroleum Dorado discovery “one of the largest oil resources ever found on the North West Shelf” ]]> https://www.proactiveinvestors.com.au/companies/news/203178/carnarvon-petroleum-dorado-discovery-one-of-the-largest-oil-resources-ever-found-on-the-north-west-shelf-203178.html Carnarvon Petroleum Limited (ASX:CVN) confirms that the discovery of 171 million barrels of oil within the Dorado structure “is one of the largest oil resources ever found on the North West Shelf.”

The company’s managing director Adrian Cook adds: “Oil fields of this significant scale are not often found, with the last large field discovery on the North West Shelf being around 30 years ago.”

READ: Carnarvon Petroleum’s oil exploration strategy continues to generate significant shareholder value

Carnarvon and Phoenix project joint venture partner Quadrant Energy have completed an assessment of the hydrocarbon volumes within the Dorado structure as found by the Dorado-1 well offshore Western Australia.

Cook said: “It is common for additional resources to be discovered in the surrounding area after a large discovery.

“In this regard, we expect to provide the market with further details on prospects identified by the play concept now proven at Dorado, that we believe have the potential to also contain oil resources.

“The gas and condensate discovered in the Phoenix project is also is a significant and valuable resource that is in addition to the discovered oil,” Cook said.

 

The partners have assessed that there is 552 billion cubic feet (bcf) of gas and 16 million barrels of condensate on a 2C basis at Dorado.

“When combined with the nearby Roc field, the aggregate resource is around 884 billion cubic feet of gas and 36 million barrels of associated condensate on a gross 2C basis,” he said.

“These volumetric results reiterate the significance of the Dorado discovery and we look forward to maturing this resource and finding additional neighbouring resources in our future drilling programs.”

READ: Carnarvon Petroleum shares surge following additional oil discoveries

The contingent resources in the Roc field are 332 bcf of gas and 20 million barrels of condensate.

Contingent resources have been calculated using deterministic and statistic volumetric methods.

These are based on the interpretation of porosity, hydrocarbon saturation and net reservoir thickness from the wireline logging program, and analysis of potential hydrocarbon columns from the pressure data and the fluid properties.

Carnarvon’s 20% share of gross contingent resources within the Dorado structure.

They are derived from the oil, gas and condensate samples and applied to the structure map with recovery factors calculated using analogues and industry standards.

The contingent resources have been aggregated by arithmetic summation and hence the aggregate 1C may be a very conservative estimate and the 3C may be a very optimistic estimate due to the portfolio effects of arithmetic summation.

These are classified as contingent resources according to Society of Petroleum Engineers’ Petroleum Resource Management System guidelines as the potential development concept has not yet been finalised or sanctioned.

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Mon, 20 Aug 2018 11:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203178/carnarvon-petroleum-dorado-discovery-one-of-the-largest-oil-resources-ever-found-on-the-north-west-shelf-203178.html
<![CDATA[Media files - Carnarvon Petroleum will report Dorado volumetric estimates "in next couple of weeks" ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10110/carnarvon-petroleum-will-report-dorado-volumetric-estimates-in-next-couple-of-weeks--10110.html Wed, 15 Aug 2018 08:31:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10110/carnarvon-petroleum-will-report-dorado-volumetric-estimates-in-next-couple-of-weeks--10110.html <![CDATA[News - Carnarvon Petroleum’s oil exploration strategy continues to generate significant shareholder value ]]> https://www.proactiveinvestors.com.au/companies/news/202803/carnarvon-petroleums-oil-exploration-strategy-continues-to-generate-significant-shareholder-value-202803.html Carnarvon Petroleum Limited (ASX:CVN) is witnessing significant interest from media, shareholders and the broader market in its recent drilling and operational activities.

The company’s share price has surged to 46 cents, an increase of 156% since July 13, 2018.

Background

In 2013, Carnarvon refined its strategic focus, making a decision to divest its onshore Thailand oil production assets and other Asian interests to concentrate on Australian investments.

In two transactions, Carnarvon divested its interest in these assets, realising in excess of $100 million in proceeds before the drop in oil prices at the end of 2014.

In refining its strategic focus, the company decided Australia’s North West Shelf represented a logical, manageable and compelling area of focus.

Fortuitously, the significant drop in the oil price from 2014 to 2017 caused discretionary exploration to be largely curtailed by most upstream companies.

Oil price chart 

With a strong cash position and an industry in retreat, Carnarvon secured and progressed new projects with its inhouse geoscience team.

A further benefit of this point in the cycle was that significantly reduced rig rates were negotiated, compared to earlier years, and Carnarvon was one of the most active in drilling wells throughout the bottom of the cycle.

Phoenix Blocks (predominantly CVN 20% working interest)

The Phoenix Blocks in the North West Shelf offshore Western Australia represent one such area of focus.

Following the recent completion of the Dorado-1 and Phoenix South-3 wells, Carnarvon and its joint venture partner will have drilled six wells in this sub-basin, with hydrocarbons discovered in each well.

The Dorado-1 well was one of the higher risk exploration targets considered by the joint venture, and the decision to drill was taken because of the large geological structure (i.e. potential for large volumes of hydrocarbons) and the low drilling cost relative to the potential reward.

The joint venture has now announced that the well encountered about 120 metres of net oil pay.

 

Both the light oil recovered in the wireline testing and the indicative quality of the reservoir point to a highly valuable discovery.

The commerciality of this will be assessed in time, but it is the oil in Dorado and potentially successful adjacent structures that will now become our immediate focus.

Carnarvon expects this to be highly profitable for shareholders in due course.

Buffalo Project (100% CVN)

A project that the company is equally excited about, but that has attracted far less investor attention so far, is the Buffalo Project in Timor-Leste territorial waters.

The project appears economically compelling based on Carnarvon’s preliminary mean recoverable volume of 31 million barrels, which has been reviewed by leading independent consulting firm RISC.

READ: Carnarvon Petroleum moves closer to oil production at Buffalo with preparations for first well

To emphasise the scale of this project, at today’s oil price this project would generate a revenue of more than $3 billion over a project life of a few years.

Carnarvon is progressing discussions with the Timor-Leste Government, with whom the company is having a constructive and supportive dialogue and have set up a representative office in the capital Dili.

Forward plan

The Dorado result is a truly spectacular discovery and Carnarvon is expected to report on the volumetric estimates in the next couple of weeks.

The Buffalo project remains an ideal oil field redevelopment and the company is making good progress with this asset.

Carnarvon’s share price has seen significant volatility over July and August.

As speculators move off Carnarvon’s register and are replaced by institutions seeking medium-term exposure to two quality oil projects, the volatility is expected to make way for a phase of sustained growth.

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Tue, 14 Aug 2018 12:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202803/carnarvon-petroleums-oil-exploration-strategy-continues-to-generate-significant-shareholder-value-202803.html
<![CDATA[News - Carnarvon Petroleum reveals Phoenix South-3 well wireline evaluation results ]]> https://www.proactiveinvestors.com.au/companies/news/202703/carnarvon-petroleum-reveals-phoenix-south-3-well-wireline-evaluation-results-202703.html Carnarvon Petroleum Limited (ASX:CVN) has completed the wireline evaluation program through the Caley Member on its Phoenix South-3 (PS-3) well.

Hydrocarbons were observed from around 5,173 metres depth to the lowest closing contour at around 5,304 metres depth within the Caley interval.

This range indicates a significant gross column of hydrocarbons of 131 metres were encountered in the well.

Potential for a larger overall hydrocarbon column

Since the well was targeting the Caley Member some 80 metres below the crest of the structure there is potential for a larger overall hydrocarbon column.

The net reservoir from wireline logging was interpreted by Carnarvon to be around 16 metres with an average porosity of 8%.

The sampling program was unable to extract hydrocarbons and hence determine the exact nature of the fluids encountered.

Further analysis in the coming months

The results from wireline logging, including the sampling program, indicate the permeabilities are in the lower end of the range of expectations and evaluation of the reservoir core samples extracted are required to determine if the reservoir is capable of flowing at commercial rates.

Analysis of these cores is expected to take a number of months as will the assessment of any contingent resources.

The rig is in the process of finalising well operations and following which the drilling rig will be released.

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Mon, 13 Aug 2018 11:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202703/carnarvon-petroleum-reveals-phoenix-south-3-well-wireline-evaluation-results-202703.html
<![CDATA[News - Carnarvon Petroleum intersects porous sandstone in Phoenix South-3 well ]]> https://www.proactiveinvestors.com.au/companies/news/202532/carnarvon-petroleum-intersects-porous-sandstone-in-phoenix-south-3-well-202532.html Carnarvon Petroleum Ltd (ASX:CVN) has drilled the offshore Phoenix South-3 well from around 5,210 metres to around 5,393 metres measured depth through the Caley Member.

While drilling through the Caley Member, a number of sandstone intervals were encountered from 5,200 metres to 5,300 metres that were interpreted to be porous.

Elevated gas readings and increased resistivity were observed across these sandstone intervals that indicate the presence of hydrocarbons.

Wireline logging to be undertaken

The positive observations in this section of the well now warrant wireline logging which will be undertaken from 5,200 metres o 5,393 metres.

The aim is to obtain more definitive results regarding the nature of the hydrocarbons (oil, gas and condensate) and the characteristics of the reservoir within the 5,200-5,300 metre zone.

READ: Carnarvon Petroleum shares surge following additional oil discoveries

The Phoenix South-3 well is one of two offshore wells being drilled by project partner and operator Quadrant Energy.

Recent discoveries at the nearby Dorado-1 well have sent the Carnarvon share price soaring, last trading at 63 cents.

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Thu, 09 Aug 2018 09:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202532/carnarvon-petroleum-intersects-porous-sandstone-in-phoenix-south-3-well-202532.html
<![CDATA[News - Carnarvon Petroleum shares surge following additional oil discoveries ]]> https://www.proactiveinvestors.com.au/companies/news/202426/carnarvon-petroleum-shares-surge-following-additional-oil-discoveries-202426.html 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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Wed, 08 Aug 2018 11:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202426/carnarvon-petroleum-shares-surge-following-additional-oil-discoveries-202426.html
<![CDATA[News - Carnarvon Petroleum granted ASX halt as it awaits further results from Dorado-1 well ]]> https://www.proactiveinvestors.com.au/companies/news/202253/carnarvon-petroleum-granted-asx-halt-as-it-awaits-further-results-from-dorado-1-well-202253.html Carnarvon Petroleum Limited (ASX:CVN) has been granted an ASX trading halt as it awaits further exploration results from its Dorado-1 well offshore Western Australia.

The halt will remain in place until the earlier of the start of normal ASX trading on Wednesday, August 8 or when the announcement is released to the market.

READ: Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf

Carnarvon’s shares have been on the move since the joint venture partners announced an oil discovery at the well in mid-July.

They last traded at 48.5 cents but have risen from 18 cents on July 13, prior to the announcement, to a new 12-month high of 52 cents in late July.

Sandstone intervals encountered

Carnarvon and project partner Quadrant Energy last week announced that they had encountered a number of encouraging sandstone intervals while drilling through the Crespin and Milne members.

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

Carnarvon said these observations warranted wireline logging to obtain more definitive results as to, amongst other things, the nature of the oil, gas and condensate, and the characteristics of the reservoir.

READ: Carnarvon Petroleum appointment brings legal and commercial capabilities

This came as the 7-inch liner at Dorado-1 was set 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.

Dorado-1 is the second well to be drilled by Quadrant at the Phoenix project on the Canning Basin.

It and the other well, Phoenix South-3, have been designed to test the gas and condensate potential of the Caley Member.

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Mon, 06 Aug 2018 13:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202253/carnarvon-petroleum-granted-asx-halt-as-it-awaits-further-results-from-dorado-1-well-202253.html
<![CDATA[News - Carnarvon Petroleum’s Phoenix South-3 well close to primary gas and condensate target ]]> https://www.proactiveinvestors.com.au/companies/news/202162/carnarvon-petroleums-phoenix-south-3-well-close-to-primary-gas-and-condensate-target-202162.html Carnarvon Petroleum Limited (ASX:CVN) expects to encounter gas and condensate in the primary Caley Member shortly as the Phoenix South-3 well goes beyond 5,210 metres measured depth (MD).

This well is the first to be drilled at the Phoenix project in the Canning Basin offshore Western Australia by Carnarvon and its partner and project operator Quadrant Energy.

READ: Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf

Success at the second well, Dorado-1, has seen Carnarvon’s price surge to a 12-month high of 52 cents this week, up from 14 cents on July 11.

At Phoenix South-3 the 7-5/8 inch liner has been set and cemented in place down to around 5,205 metres MD with the well drilling ahead at around 5,210 MD.

READ: Carnarvon Petroleum appointment brings legal and commercial capabilities

Carnarvon and Quadrant expect the Caley Member to be encountered in this section of the well and will continue drilling ahead to a depth of about 5,500 metres MD.

The primary objective for the well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure partially penetrated with the Phoenix South-2 well.

This well encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation.

Well is optimally designed

Phoenix South-3 well, which is about 560 metres NNE of Phoenix South-2, has been optimally designed to penetrate and evaluate the hydrocarbon-bearing formations of the member.

The well plan and its associated procedures employ controlled drilling operations prior to and during the drilling of the reservoir section.

READ: Carnarvon Petroleum hits 5,041 metres depth for Phoenix South-3 well

Consequently, drilling progress is slower than that previously experienced in the other wells in the Phoenix project.

The well is targeting a closure estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate.

This is equal to 143 million barrels of oil equivalent.

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Fri, 03 Aug 2018 12:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202162/carnarvon-petroleums-phoenix-south-3-well-close-to-primary-gas-and-condensate-target-202162.html
<![CDATA[News - Carnarvon Petroleum appointment brings legal and commercial capabilities ]]> https://www.proactiveinvestors.com.au/companies/news/201969/carnarvon-petroleum-appointment-brings-legal-and-commercial-capabilities-201969.html Carnarvon Petroleum Limited (ASX:CVN) is strengthening its aggressive oil and gas exploration focus with experienced legal and commercial executive Gavin Ryan accepting an invitation to join the board of directors.

The new director has extensive legal and commercial skills in oil and gas gained through an extensive international career with organisations such as BHP Petroleum, BP, PTTEP and Shell.

READ: Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf

Carnarvon’s chairman Peter Leonhardt said: “We warmly welcome Gavin to the board and look

forward to his contribution at a time of incredible growth in the company.

“As we focus on a number of developments in the business we felt the need to strengthen the legal and commercial skills of the board.”

The company is drilling two wells at the Phoenix project on the North West Shelf and is also active at the Buffalo project in the territorial waters of Timor Leste.

Ryan has experience in government dealings, production sharing contract negotiations and oil field construction projects.

 

Leonhardt added: “Gavin’s experience in oil field developments is particularly relevant and coincidently with him working on the Buffalo oil field whilst at BHP Petroleum.

“Gavin has also been involved in industry-related operations in the Timor Sea which we see as also being relevant to our plans in that area.”

Impressed with regional focus

Ryan said he had been impressed with the Carnarvon team’s strong regional focus and project portfolio.

“The company has demonstrated a performance and culture that appeals and I believe will stand it in good stead for the future.

“I look forward to contributing to that future and meeting with the shareholders at the forthcoming annual general meeting,” he said.

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Wed, 01 Aug 2018 12:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201969/carnarvon-petroleum-appointment-brings-legal-and-commercial-capabilities-201969.html
<![CDATA[News - Carnarvon Petroleum encounters sandstone intervals while drilling Dorado-1 on North West Shelf ]]> https://www.proactiveinvestors.com.au/companies/news/201869/carnarvon-petroleum-encounters-sandstone-intervals-while-drilling-dorado-1-on-north-west-shelf-201869.html 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.

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

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.

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Tue, 31 Jul 2018 10:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201869/carnarvon-petroleum-encounters-sandstone-intervals-while-drilling-dorado-1-on-north-west-shelf-201869.html
<![CDATA[News - Carnarvon Petroleum uncovers more oil and gas at Dorado-1, shares rise higher ]]> https://www.proactiveinvestors.com.au/companies/news/201386/carnarvon-petroleum-uncovers-more-oil-and-gas-at-dorado-1-shares-rise-higher-201386.html Carnarvon Petroleum Ltd (ASX:CVN) has received additional confirmatory information from the Dorado-1 offshore well over the 80-metre net oil column in the Caley Member interval.

The Quadrant-Carnarvon joint venture has completed additional wireline evaluation since the last update.

READ: Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf

The results have confirmed the oil discovery in the Caley Member and have confirmed the presence of gas and condensate in the top of the Baxter Member that was drilled into to enable the evaluation of the Caley Member.

Light oil has been recovered from a sand in the uppermost section of Caley that is in addition to previous samples recovered.

This work was undertaken to provide additional information across a broader area of the Caley and further enhances the joint ventures’ confidence in the results to date.

Gas and condensate samples were also recovered from a good quality reservoir in the top of the Baxter containing an estimated gross hydrocarbon package of 21 metres and a net pay thickness of 10.5 metres.

Dorado-1 well being drilled deeper

Pressure data confirms that the Caley oil and the Baxter gas-condensate discoveries are separately stacked hydrocarbon columns.

However, the well has not completed drilling through the Baxter Member interval and the plan is to deepen the well to about 4,550 metres measured depth.

Phoenix South-3 well at 5,208 metres depth

The latest update also received today has the Phoenix South-3 offshore well at 5,208 metres measured depth.

The primary objective for the Phoenix South-3 well is to also evaluate the gas and condensate potential of the Caley Member interval.

The offshore drill rig is currently preparing to set a 7-5/8 inch liner which will allow the hole to continue down to 5,500 metres measured depth.

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Tue, 24 Jul 2018 11:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201386/carnarvon-petroleum-uncovers-more-oil-and-gas-at-dorado-1-shares-rise-higher-201386.html
<![CDATA[Media files - Carnarvon Petroleum makes oil discovery at its Dorado well ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9929/carnarvon-petroleum-makes-oil-discovery-at-its-dorado-well-9929.html Mon, 23 Jul 2018 17:40:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9929/carnarvon-petroleum-makes-oil-discovery-at-its-dorado-well-9929.html <![CDATA[News - Carnarvon Petroleum rides high on oil discovery as shares reach 34 cents ]]> https://www.proactiveinvestors.com.au/companies/news/201113/carnarvon-petroleum-rides-high-on-oil-discovery-as-shares-reach-34-cents-201113.html Carnarvon Petroleum Limited (ASX:CVN) continues to ride high on the wave of an oil discovery on Western Australia’s North West Shelf, with shares increasing almost 24% today.

News of the discovery on Wednesday saw shares surge 51% to a high of 26.5 cents and today investors have still been keen with the stock reaching a new 12-month high of 34 cents.

READ: Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf

This is double the price of close last Friday, prior to Monday’s pre-news trading halt.

There was again strong volume today, with more than 48 million shares traded, valued at almost $14.9 million.

The joint venture between Carnarvon and Quadrant Energy made the discovery in the primary target of the Dorado-1 well, the Caley Member.

Light oil has been recovered from an excellent reservoir in highly porous and permeable sands.

The reservoir contains a gross hydrocarbon package of 96.1 metres and a net pay thickness of 79.6 metres.

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Thu, 19 Jul 2018 16:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201113/carnarvon-petroleum-rides-high-on-oil-discovery-as-shares-reach-34-cents-201113.html
<![CDATA[News - Carnarvon Petroleum surges 51% on oil discovery at Dorado-1 well on North West Shelf ]]> https://www.proactiveinvestors.com.au/companies/news/200995/carnarvon-petroleum-surges-51-on-oil-discovery-at-dorado-1-well-on-north-west-shelf-200995.html Carnarvon Petroleum Limited (ASX:CVN) surged more than 51% on news of a significant oil discovery at the Dorado-1 well on the North West Shelf, off the coast of Western Australia.

The joint venture between Carnarvon and Quadrant Energy has made the discovery in the primary target of the well, the Caley Member.

Light oil has been recovered from an excellent reservoir in highly porous and permeable sands.

The reservoir contains a gross hydrocarbon package of 96.1 metres and a net pay thickness of 79.6 metres.

“Transformation result”

Carnarvon managing director Adrian Cook said the result was transformational for the company and investors responded, lifting shares to a new 12-month high of 26.5 cents.

“This is a significant discovery given the quantum of the net pay thickness, the quality of the oil and the extremely good reservoir characteristics,” he said.

“Currently, we estimate the net oil pay is around 80 metres and with more drilling still to come this is very exciting for Carnarvon Petroleum.

“With multiple targets still left, the focus now is to complete the drilling program through the Baxter, Crespin and Milne members.

“In April we highlighted the possibility that the Dorado structure could contain a substantial oil accumulation.

“Given this outcome has now occurred, Carnarvon will make an assessment of and issue a revised volume estimate as soon as we possibly can once drilling operations have finished.”

 

The results were confirmed after wireline testing was undertaken at the Dorado-1 well, after it drilled down to around 4,044 metres measured depth (MD) in 8-1/2 inch hole.

Currently, the well is still in a hydrocarbon-bearing column.

Excellent reservoir characteristics were interpreted from the logging with average porosity of around 20% with hydrocarbon saturation of 82.5%.

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

The high quality of the reservoir was further reinforced by the rapid time taken to extract the oil samples and the high mobility recorded while undertaking formation testing.

A combination of light oil and excellent reservoir characteristics support the potential for high flow rates on production.

Predicted Lithology at Dorado from the 2017 Seismic Inversion Project.

Baxter Member shows promise

Drilling at Dorado-1 has also identified hydrocarbon-bearing sand in the Baxter Member with drilling and evaluation still to be completed in this section.

The well will be deepened to about 4,550 metres MD to evaluate the newly discovered sand and the secondary targets in the Crespin and Milne members.

It is likely that a 7-inch liner will be set prior to drilling into the Crespin and Milne members.

READ: Carnarvon Petroleum continues to receive positive drilling results from Dorado-1 well

Carnarvon previously disclosed prospective resources for Dorado of 545 Bscf of gas and 30 million barrels of associated condensate, being 125 million barrels of oil equivalent.

On April 30, Carnarvon noted that there was a possibility for the structure to contain a substantial oil accumulation.

Given the oil discovery outcome, Carnarvon a revised volume estimate will be issued as soon as it can following the completion of drilling, which will be a contingent resource of oil.

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Wed, 18 Jul 2018 11:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200995/carnarvon-petroleum-surges-51-on-oil-discovery-at-dorado-1-well-on-north-west-shelf-200995.html
<![CDATA[News - Carnarvon Petroleum shares halted pending Dorado-1 well exploration results ]]> https://www.proactiveinvestors.com.au/companies/news/200803/carnarvon-petroleum-shares-halted-pending-dorado-1-well-exploration-results-200803.html Carnarvon Petroleum Ltd (ASX:CVN) has been granted a trading halt by the ASX pending the release of information in relation to the Dorado-1 well exploration results.

The Dorado-1 well is being drilled in the Phoenix Project located offshore Western Australia in the Canning Basin.

Shares in the company will remain halted until the earlier of, the release of information regarding the Dorado-1 exploration results, or, the commencement of trading on Wednesday.

READ: Carnarvon Petroleum continues to receive positive drilling results from Dorado-1 well

The Dorado-1 well is targeting gas and condensate in a zone known as the Caley Member interval.

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member.

Notably, the well is less than 20 kilometres from the successful Roc-1 and Roc-2 wells.

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Mon, 16 Jul 2018 12:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200803/carnarvon-petroleum-shares-halted-pending-dorado-1-well-exploration-results-200803.html
<![CDATA[News - Carnarvon Petroleum continues to receive positive drilling results from Dorado-1 well ]]> https://www.proactiveinvestors.com.au/companies/news/200721/carnarvon-petroleum-continues-to-receive-positive-drilling-results-from-dorado-1-well-200721.html 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.

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

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.

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Fri, 13 Jul 2018 11:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200721/carnarvon-petroleum-continues-to-receive-positive-drilling-results-from-dorado-1-well-200721.html
<![CDATA[News - Carnarvon Petroleum shares rise on promising drill intersects for Dorado-1 well ]]> https://www.proactiveinvestors.com.au/companies/news/200635/carnarvon-petroleum-shares-rise-on-promising-drill-intersects-for-dorado-1-well-200635.html 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.

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Thu, 12 Jul 2018 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200635/carnarvon-petroleum-shares-rise-on-promising-drill-intersects-for-dorado-1-well-200635.html
<![CDATA[News - Carnarvon Petroleum at 3640 metres depth in Dorado-1 offshore well ]]> https://www.proactiveinvestors.com.au/companies/news/200319/carnarvon-petroleum-at-3640-metres-depth-in-dorado-1-offshore-well-200319.html Carnarvon Petroleum Ltd (ASX:CVN) has reached a depth of 3,640 metres in the Dorado-1 offshore well targeting gas and condensate in a zone known as the Caley Member interval.

The drill’s 9 and 5/8 inch liner was set and cemented in place down to around 3,637 metres measured depth and this sized drill will continue down to about 4,050 metres.

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

READ: Carnarvon Petroleum hits 5,041 metres depth for Phoenix South-3 well

The Phoenix South-3 offshore is also being drilled within the same project targeting the same Caley formation.

At the most recent update at the end of June, the 10-5/8 inch hole had been drilled down to 5,041 metres measured depth with drilling continuing deeper.

As the offshore well gets drilled deeper, thinner drilling equipment is required.

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Mon, 09 Jul 2018 12:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200319/carnarvon-petroleum-at-3640-metres-depth-in-dorado-1-offshore-well-200319.html
<![CDATA[News - Carnarvon Petroleum hits 5,041 metres depth for Phoenix South-3 well ]]> https://www.proactiveinvestors.com.au/companies/news/199830/carnarvon-petroleum-hits-5041-metres-depth-for-phoenix-south-3-well-199830.html Carnarvon Petroleum Ltd (ASX:CVN) continues with the drilling of the Phoenix South-3 well which is evaluating the gas and condensate potential of the Caley Member section.

The well is the first drilled by Carnarvon and project operator Quadrant Energy at the Phoenix project located offshore Western Australia in the Canning Basin.

Making progress

The 10-5/8 inch hole has been drilled down to 5,041 metres measured depth with drilling continuing deeper.

The forward plan is to drill the 10-5/8 inch hole from 4,945 metres depth to about 5,160 metres.

Intersecting the Caley reservoir at about 5,183 metres

Following this, the 9 5-8 inch liner will be set before drilling will continue in the 8-1/2 inch hole.

The primary target Caley reservoir is anticipated to be intersected in the 8-1/2 inch hole at a depth of about 5,183 metres measured depth.

560 metres from the Phoenix South-2 well

The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within an area that was partially penetrated with the Phoenix South-2 well.

Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the section.

The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon-bearing formations of the Caley Member.

READ: Carnarvon Petroleum’s Dorado-1 well approaches gas and condensate target on North West Shelf

Recently, Carnarvon updated on drilling operations at the Dorado-1 well also within the Phoenix project.

The well was at a measured depth of about 3,637 metres and was approaching the 3,800-metre target depth.

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Fri, 29 Jun 2018 09:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199830/carnarvon-petroleum-hits-5041-metres-depth-for-phoenix-south-3-well-199830.html
<![CDATA[News - Carnarvon Petroleum’s Dorado-1 well approaches gas and condensate target on North West Shelf ]]> https://www.proactiveinvestors.com.au/companies/news/199364/carnarvon-petroleums-dorado-1-well-approaches-gas-and-condensate-target-on-north-west-shelf-199364.html Carnarvon Petroleum Limited’s (ASX:CVN) drilling operations at the Dorado-1 well of the Phoenix project offshore Western Australia are at a measured depth of about 3,637 metres.

The well is now approaching the target of the Dorado structure at the Caley interval, which is expected to be intersected at a depth of around 3,800 metres.

Second well at Phoenix project

It is the second well being drilled by Carnarvon and project operator Quadrant Energy seeking gas and condensate at the Phoenix project.

As the hole gets deeper, drill casings get narrower and the 12-1/4 inch casing size was completed at 3,637 metres.

The plan is to run and cement the 9-5/8 inch liner then drill the 8-1/2 inch into the primary Caley Member target.

Location of the Dorado-1 well within the Phoenix project.

Assessing gas and liquids

Carnarvon’s primary objective for this well is to assess the gas and liquids potential in the Caley Member.

The well is less than 20 kilometres from and up-dip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 billion cubic feet of gas and 30 million barrels of associated condensate.

This is equal to 125 million barrels of oil equivalent, gross, Pmean.

A seismic line showing the incised Dorado Canyon with the red line showing the top Caley Member.

Multiple secondary targets have been identified by Carnarvon in the Crispin and Milne Members and these will also be assessed by the Dorado-1 exploration well.

READ: Carnarvon Petroleum down to 4,634 metres at Phoenix South-3 well

Drilling by Quadrant of the first well at the project, Phoenix South-3, last week reached 4,634 metres measured depth.

It is also targeting the Caley Member and a closure estimated to contain a gross mean recoverable prospective resource of 143 million barrels of oil equivalent.

This well is within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.

Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation.

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

Carnarvon recently completed a $20 million capital raising, which has strengthened its total cash position to $65 million.

These funds will enable the company to pursue drilling of the Buffalo-10 well, also on the North West Shelf, with the maximum equity possible.

This well is in the territorial waters of Timor Leste in the northeast of the North West Shelf.

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Fri, 22 Jun 2018 13:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199364/carnarvon-petroleums-dorado-1-well-approaches-gas-and-condensate-target-on-north-west-shelf-199364.html
<![CDATA[News - Carnarvon Petroleum at 1,250 metres depth for the Dorado-1 well ]]> https://www.proactiveinvestors.com.au/companies/news/198912/carnarvon-petroleum-at-1250-metres-depth-for-the-dorado-1-well-198912.html Carnarvon Petroleum Ltd (ASX:CVN) has drilled down to 1,250 metres measured depth in its Dorado-1 well targeting gas and liquids in the Canning Basin offshore Western Australia.

As the hole gets deeper, the drill casings get narrower, the current casing size aims to take the hole to 3,600 metres depth before a smaller casing is set.

Drilling is targeting the Caley Member interval which is expected to be intersected at a depth of about 3,800 metres measured depth.

READ: Carnarvon Petroleum commences drilling Dorado-1 well

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member interval.

The well is less than 20 kilometres from and updip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 billion cubic feet of gas and 30 million barrels of associated condensate.

This equals 125 million barrels of oil equivalent, gross, Pmean.

READ: Carnarvon Petroleum down to 4,634 metres at Phoenix South-3 well

Drillong of the Phoenix South-3 well at the nearby Phoenix project is also underway and yesterday and update revealed it was at 4,634 metres measured depth.

It is also targeting the Caley Member and a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 143 million barrels of oil equivalent.

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Fri, 15 Jun 2018 13:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198912/carnarvon-petroleum-at-1250-metres-depth-for-the-dorado-1-well-198912.html
<![CDATA[News - Carnarvon Petroleum down to 4,634 metres at Phoenix South-3 well ]]> https://www.proactiveinvestors.com.au/companies/news/198832/carnarvon-petroleum-down-to-4634-metres-at-phoenix-south-3-well-198832.html Carnarvon Petroleum Ltd (ASX:CVN) has noted that drilling operations are at 4,634 metres measured depth at the Phoenix South-3 offshore well.

The well is the first drilled by Carnarvon and project operator Quadrant Energy at the Phoenix project offshore Western Australia seeking gas and condensate.

It is targeting a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 143 million barrels of oil equivalent.

Evaluating the Caley Member section

The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member section.

It is within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.

Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation.

The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon-bearing formations of the Caley Member.

READ: Carnarvon Petroleum commences drilling Dorado-1 well

Earlier this month Carnarvon commenced drilling the Dorado-1 well targeting gas and liquids 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 interval by drilling down about 1,175 metres.

The well is less than 20 kilometres from and updip of the successful Roc-1 and Roc-2 wells.

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Thu, 14 Jun 2018 14:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198832/carnarvon-petroleum-down-to-4634-metres-at-phoenix-south-3-well-198832.html
<![CDATA[News - Carnarvon Petroleum cashed up to progress multiple oil, gas opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/198410/carnarvon-petroleum-cashed-up-to-progress-multiple-oil-gas-opportunities-198410.html Carnarvon Petroleum Limited (ASX:CVN) recently completed a $20 million capital raising and has strengthened its total cash position to $65 million.

The funds were raised to enable the company to pursue drilling of the Buffalo-10 well with the maximum equity possible and to progress activity across other Carnarvon permits.

The Buffalo oil field is covered by the recently signed Maritime Boundary Treaty between Australia and Timor-Leste and the field will be completely within Timor-Leste’s jurisdiction.

Plans to drill in 2019

Carnarvon’s plan is to drill the Buffalo-10 well in 2019 then move to oil production around 18 to 30 months later.

The project is expected to produce an estimated 31 million barrels of oil over five years and revenue has been estimated at over US$2.3 billion.

Notably, with an expected development cost of less than $150 million and a simple low cost floating production system, the project is expected to have a high profit margin.

READ: Carnarvon Petroleum commences drilling Dorado-1 well

Earlier this week, the company commenced drilling the Dorado-1 well targeting gas and liquids 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 interval by drilling to a depth of about 1,175 metres.

The Dorado structure at the Caley interval is estimated to contain prospective resources of gas and associated condensate equivalent to 125 million barrels of oil.

Meanwhile, the company’s current two Phoenix project wells are seeking to confirm commercial viability after having successfully proved the existence of a working petroleum system from the first four wells.

READ: Carnarvon Petroleum’s well reaches 4,619 metres targeting gas and condensate on North West Shelf

The Phoenix wells are on the North West Shelf offshore Western Australia.

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Thu, 07 Jun 2018 12:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198410/carnarvon-petroleum-cashed-up-to-progress-multiple-oil-gas-opportunities-198410.html
<![CDATA[News - Carnarvon Petroleum commences drilling Dorado-1 well ]]> https://www.proactiveinvestors.com.au/companies/news/198229/carnarvon-petroleum-commences-drilling-dorado-1-well-198229.html Carnarvon Petroleum Ltd (ASX:CVN) has commenced drilling the Dorado-1 well targeting gas and liquids 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 interval by drilling down about 1,175 metres.

The well is less than 20 kilometres from and updip of the successful Roc-1 and Roc-2 wells.

Targeting 125 million barrels of oil equivalent

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 billion cubic feet of gas and 30 million barrels of associated condensate.

This equals 125 million barrels of oil equivalent, gross, Pmean.

Other targets to also be drilled

Multiple secondary targets have been identified by Carnarvon in the Crispin and Milne Members and these will also be assessed by the Dorado-1 exploration well.

READ: Carnarvon Petroleum’s well reaches 4,619 metres targeting gas and condensate on North West Shelf

Last week, Carnarvon drilled the Phoenix South-3 well in the same project to a measured depth of 4,619 metres.

The well was the first drilled by Carnarvon and project operator Quadrant Energy at the Phoenix project offshore Western Australia seeking gas and condensate.

This well was also targeting the Caley Member at a depth of about 5,360 metres.

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Tue, 05 Jun 2018 12:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198229/carnarvon-petroleum-commences-drilling-dorado-1-well-198229.html