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viewCarnarvon Petroleum Ltd

Carnarvon Petroleum focused on progressing Dorado oil & gas development

Snapshot

The company is targeting an investment decision in 2021 depending on market conditions.

Carnarvon Petroleum Ltd - Carnarvon Petroleum focused on progressing Dorado development

Quick facts: Carnarvon Petroleum Ltd

Price: 0.245 AUD

ASX:CVN
Market: ASX
Market Cap: $383.4 m
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Carnarvon Petroleum Limited (ASX:CVN) has its sights set on unlocking the largest oilfield in WA’s North West Shelf after the discovery of the Dorado field which it is developing with partner Santos Ltd (ASX:STO).

In May, three contracts were awarded to pre-Front End Engineering Design (pre-FEED) contractors, enabling the parties to work independently to advance their Floating Production Storage and Offtake (FPSO) vessel designs and mature their vessel construction plans as well as supply terms.

Conceptual design for the production wells is now complete, three parties have been short listed for the fixed well-head platform (WHP) that will support the production and ancillary wells and connect to and supply the FPSO.

The engineering design (FEED) phase is expected to commence in quarter three, 2020.

Stage one development

Carnarvon is targeting oil and condensate development for stage one, with stage two to consist of gas and LPG’s.

The expectation is to produce an initial 75,000 to 100,000 barrels of oil per day from only 8-10 wells (including re-injection wells) from four quality reservoirs; Caley, Baxter, Crespin and Milne.

It is projected to be a low-cost field, with a final investment decision on the project targeted for 2021 depending on market conditions.

Dataset delivered

The company recently delivered a high-quality dataset over the Dorado and Roc fields, as well as the surrounding area (Bedout sub-basin) based on the fast-track data set after acquiring the Keraudren 3D seismic data in 2019.

The results improved the visibility of the key geological intervals associated within the hydrocarbon zones of the Dorado and Roc fields and by extension within these intervals in the surrounding area.

Seismic mapping also confirmed the structural integrity of the Apus prospect (previously mapped on the Bilby 2D data) and the Pavo prospect providing a clearer view of the Dorado oil field, surrounding prospects and the basinal architecture covered by the new data.

A higher-quality data set is due to be received before the end of the 2020 calendar year and drilling is planned for CY21.

The company is also progressing the farm-out process for its Buffalo, Labyrinth and Condor assets.

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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

2 min read