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.
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.