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Carnarvon Petroleum Ltd

Carnarvon Petroleum commences drilling Dorado-3 offshore well

The company is well funded after recently raising $79 million in a share placement.

offshore drill rig
The Dorado oil and gas field resides in WA-437-P in which Carnarvon holds a 20% interest

Carnarvon Petroleum Ltd (ASX:CVN) has commenced drilling of the Dorado-3 offshore oil and gas well with the rig at 470 metres depth early this morning.

The Dorado-3 well is the second appraisal of the Dorado oil and gas field which was discovered in 2018.

READ: Carnarvon Petroleum raises $79 million to progress Dorado Project

The Dorado-1 exploration well discovered hydrocarbon bearing reservoirs in the Caley, Baxter, Crespin and Milne Members of the Lower Keraudren Formation.

The Dorado-2 appraisal well, located 2.2 kilometres north east of the Dorado-1 well, confirmed hydrocarbon bearing reservoirs in the Caley, Baxter and Milne Members.

Dorado-3 can give more clues as to potential size of reservoir

Importantly, the Dorado-2 well demonstrated connectivity within each reservoir between the two wells.

The Dorado-3 appraisal well is located 900 metres north west of the Dorado-1 discovery location and will provide valuation subsurface information about characteristics of the Dorado field and its value.

Quick facts: Carnarvon Petroleum Ltd

Price: $0.42

Market: ASX
Market Cap: $656.21 m
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Watch

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

2 min read