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Carnarvon Petroleum to relate its oil and gas story at Proactive CEO Sessions

Managing director Adrian Cook will outline developments at the Phoenix and Buffalo projects.

Drilling rig at Dorado-1 well.
Next month’s luncheon sessions will be on September 17 and 18

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.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.23 AUD

ASX:CVN
Market: ASX
Market Cap: $359.81 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

3 min read