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

Shares in the company are trading up another 11% or 4 cents today to 40 cents.

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An update also from today reveals the Phoenix South-3 well is at 5,208 metres depth

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.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.28 AUD

ASX:CVN
Market: ASX
Market Cap: $438.31 m
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Carnarvon Petroleum advancing Dorado and Buffalo projects

Carnarvon Petroleum Ltd (ASX:CVN) managing director Adrian Cook speaks to Proactive Investors following a successful $50 million capital raising last week. Cook discusses the Dorado project, detailing the company's plans and expectations for three wells. He also updates on the Buffalo...

on 18/2/19

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