Funds raised will be put towards appraisal and exploration opportunities in order to continue to commercialise world-class discoveries in Australia’s North West Shelf, and to fund further exploration.
The appraisal program for the Dorado-2 and Dorado-3 wells is budgeted at $40-55 million and the exploration program targeting the Roc South-1 well is budgeted at $10-15 million.
Portfolio map in North West Shelf
READ: Carnarvon Petroleum adds third well to 2019 program at Dorado oil, gas and condensate discovery
More specifically, the placement will fund:
• Appraisal of the world class Dorado discovery by drilling the Dorado-2 and Dorado-3 wells commencing in April 2019;
• Engineering and design studies to develop the Dorado field;
• Potential development focused 3D seismic over the Dorado and Roc fields;
• Capital to fund the prospective Roc South-1 exploration well which is located between the Roc and Dorado fields; and
• Potential 3D seismic acquisition over prospective exploration acreage which includes the Pavo and Apus prospects.