Carnarvon Petroleum (ASX:CVN) directors have further aligned themselves with the company, as drilling of the Roc-1 well continues.
Directors now exercised their $0.10 listed options, with the company last trading at $0.115.
Adrian Cook, managing director and CEO, spent $64,000, while Edward Jacobson purchased $39,062.50 worth, and William Foster $15,625.
Cook added:
“I’m once again pleased by the commitment of directors and management to the company through the exercising of their options that were issued to all shareholders who participated in the company’s 2013 Entitlement Offer.
"We now look forward to receiving and reporting the results of the Roc-1 well in the coming weeks.”
Roc-1 oil
The well was spudded late last month in a known oil reservoir of the North West Shelf region, with Carnarvon partner Quadrant Energy - a consortium between Brookfield Asset Management (NYSE:BAM) and Macquarie Capital (ASX:MQG) - acting as operator.
This well follows up last years’ successful Phoenix South-1 oil discovery.
The latest progress sets up ongoing development that is expected to deliver drilling through the final section to a total depth of around 4,750 metres within two weeks.
In a success case wireline logging will take a further five days to be obtained.
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