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Carnarvon Petroleum director increases shareholding through on-market trades

Carnarvon is advancing its highly successful oil discovery at the Dorado-1 well offshore Western Australia.
shares rising chart
The company’s shares are trading about 5% higher intra-day, at 37 cents

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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