Carnarvon Petroleum notes offshore drill rig has reached South African waters
The company holds a 20% interest alongside operator, Quadrant Energy with 80%.
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 company holds a 20% interest alongside operator, Quadrant Energy with 80%.
The company's prospect is adjacent to Woodside Petroleum’s Swell-1 well.
Phoenix South-3 well is expected to commence drilling in March 2018.
The Dorado-1 well will be exploring for significant gas and condensate volumes.
Potential for lower cost drilling and field developments in the permit.
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Carnarvon has a market cap of circa $90 million, and cash of $50 million.
Adrian Cook discussed the company's portfolio strategy at Proactive's CEO Sessions.
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The company has provided an update on its 100% held Buffalo project in WA-523-P.
The North West Shelf is Australia’s most prolific oil and gas region.
Quadrant (80%) is the operator, and Carnarvon holds 20%.
The company's oil and gas assets are all located offshore of Western Australia.
Carnarvon is focused on the North West Shelf in Western Australia.
The company is collaborating with its neighbour NOGA in the Timor Sea.