Carnarvon Petroleum Roc South-1 exploration well reaches 2,710 metres depth
The well is being drilled offshore from Port Hedland in Western Australia.
Company
ASX:CVN
Carnarvon Energy Ltd (ASX:CVN) has set its sights on unlocking the largest oil field in WA’s North West Shelf.
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The well is being drilled offshore from Port Hedland in Western Australia.
Roc South-1 is targeting similar structure and hydrocarbons to Dorado.
Santos and Carnarvon Petroleum announced the discovery of a major oil and gas resource off the coast of Western Australia.
The Dorado-2 appraisal well has highlighted the potential for Carnarvon to transform into a significant producer.
It was 3D data that enabled the discoveries of Dorado and Roc in WA-437-P.
Increased resistivity observed from Logging While Drilling tools indicate porous and permeable zones with indications of hydrocarbons.
Approximately 200 metres of full well-bore core will be cut and extracted over the Caley and Baxter reservoirs.
It is the first appraisal well to follow last year’s discovery of the world-class Dorado oil and gas field.
The Dorado project joint venture is preparing to drill the 17-1/2 inch hole section of the Dorado-2 appraisal well.
Dorado-2 well is the first appraisal of the Dorado discovery made in 2018, which is one of the largest oil resources ever found on the North West Shelf.
At the end of the quarter, the company held a strong cash balance of $93.3 million following the $50 million capital raise to fund appraisal and exploration activities.
Carnarvon has attracted a great deal of interest with its oil & gas story in the last 12 months.
Company CEO Adrian Cook presented to investors at this week’s Proactive CEO Sessions.
Last week, it was revealed that CVN will enter the S&P/ASX 300 (INDEXASX:XKO).
Investments and investor services
The rebalance changes are effective at the open of trading on March 18, 2019.
The company has recently declared a maiden gas reserve estimate for the onshore Selva Malvezzi field northeast of Bologna.
Carnarvon recently raised $50 million to be applied towards appraisal and exploration activities on Australia’s North West Shelf.
Earlier this week, Bass upgraded the proved oil reserves at the Tangai Sukananti fields onshore Indonesia.
Owning royalties is a proven and highly valued business model and High Peak has enormous potential in its portfolio.
Drilling of the Dorado-2 and Dorado-3 wells to follow up the Dorado discovery is planned.