Carnarvon Petroleum appointment brings legal and commercial capabilities
Experienced oil and gas executive Gavin Ryan is appointed to the company’s board of directors.
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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Experienced oil and gas executive Gavin Ryan is appointed to the company’s board of directors.
Elevated gas readings and increased resistivity were observed, indicating the presence of hydrocarbons.
Shares in the company are trading up another 11% or 4 cents today to 40 cents.
The shares increased 24% on strong volume of more than 48 million.
Joint venture partners Carnarvon and Quadrant Energy have recovered light oil from an excellent reservoir.
Shares in the company last traded at 17.5 cents before going into a trading halt.
The significance drilling results to date have warranted that the wireline program is brought forward.
The drilling encountered several sandstone intervals as expected within the Caley Member.
Two wells underway within the offshore Phoenix project are targeting gas and condensate.
The well is within the Phoenix project offshore Western Australia in the Canning Basin.
As the well gets drilled deeper, thinner equipment is required.
The second exploration well at the Phoenix project has reached a measured depth of about 3,637 metres.
Previously drilled nearby wells have confirmed gas and condensate below the surface.
The well is located within the Canning Basin offshore Western Australia.
Earlier this week, the company commenced drilling the Dorado-1 well in the Canning Basin.
The Dorado-1 well is located within the Phoenix Project based offshore.
The raising was completed at 13 cents and shares are currently trading at a premium.
The Phoenix South-3 well is targeting the Caley Member at a depth of around 5,360 metres.
The Caley primary target is expected to be intersected at a depth of about 5,360 metres.
The well will be the second at the Phoenix project aimed at assessing the gas and liquids potential in the Caley Member.