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Carnarvon Petroleum secures jack-up drill rig for appraisal program at Dorado discovery

The 2019 drilling is aimed at enhancing understanding of the volume of recoverable oil, gas and condensate resources.

Noble Tom Prosser jack-up drilling rig
Shallow water depths mean a cost-effective Noble Tom Prosser jack-up rig will be used

Carnarvon Petroleum Ltd (ASX:CVN) has secured a Noble Tom Prosser jack-up drilling rig for two appraisal wells at the Dorado joint venture oil, gas and condensate discovery offshore Western Australia.

Shallow water depths in this part of the Canning Basin on the North West Shelf mean that the joint venture can utilise a cost-effective jack-up rig for its appraisal wells.

READ: Carnarvon Petroleum has strong potential to add to oil bounty of Dorado-1

The 2019 drilling program is expected to include two appraisal wells with the first expected to begin around April.

Carnarvon managing director Adrian Cook said: “The incredible Dorado discovery earlier this year means we are highly motivated to appraise the oil, gas and condensate within the structure.

“The objective in 2019 is to enhance our understanding of the volume of the resources recoverable and move to making a final investment decision for development ideally in 2020.”

Noble Tom Prosser rig used at Roc-1

The Noble Tom Prosser rig was also used to drill the Roc-1 discovery in this area in 2016.

Joint venture partners in the Dorado exploration permit are Carnarvon with 20% and operator Santos Ltd (ASX:STO) with 80%.

Aims of appraisal wells

One aim of the appraisal wells is to focus on gaining further information on the volume of oil, gas and condensate discovered in the Dorado-1 well to build proved reserves which will underpin the Dorado development.

Another is to determine the flow properties of those hydrocarbons from the reservoirs intersected in order to optimise the Dorado development.

The third is to obtain additional data at different locations within the Dorado field.

READ: Carnarvon Petroleum focusing on four key areas

Carnarvon’s four key areas of focus for its business are:

1. Continuing with its business model and maturing new plays that farm-in partners find appealing;

2. Appraising the Dorado oil, gas and condensate discovery so that it is in a position to make a final investment decision on development by 2020;

3. Progressing the Buffalo oil field re-development project to bring that into production within a reasonable timeframe; and

4. Managing capital and financing so that the company is able to deliver an appropriate return to shareholders.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.225 AUD

ASX:CVN
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Market Cap: $352.1 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