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Carnarvon Petroleum rides high on oil discovery as shares reach 34 cents

The shares increased 24% on strong volume of more than 48 million.

Map of Australia with upwards trending graph
Light oil has been discovered in the Dorado-1 well on the North West Shelf

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.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.275 AUD

ASX:CVN
Market: ASX
Market Cap: $430.48 m
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