Carnarvon Petroleum Ltd (ASX:CVN) managing director Adrian Cook speaks to Proactive Investors, as drilling happens at Western Australia's prolific North West Shelf.
"We've proven up a working petroleum system in this area. What we're now looking to do is cement commerciality of the resources... very shortly we're going to have two wells drilling into our Phoenix Project, both of which are looking to turn this project from Proof of Concept to a commercial project," says Cook.
The oil and gas exploration company completed a $16 million placement earlier this month, and will now accelerate plans to redevelop a former oil field, known as the Buffalo Project.
