Carnarvon Petroleum Ltd (ASX:CVN) continues to make further progress after completing a landmark period in the first half of FY2019 and this will be outlined to investors at the Proactive CEO Sessions next month.
Managing director Adrian Cook will present to investors at the Sydney CEO Session on Monday, March 11 and at the Melbourne session on Tuesday, March 12.
Carnarvon’s operations comprise oil and gas exploration in Australia with its main interests located on the North West Shelf of Western Australia.
READ: Carnarvon Petroleum raises $50 million to fund world-class Dorado discovery
The first half of FY2019 was a remarkable period for Carnarvon. The Dorado-1 well was completed with the discovery of light oil, gas and condensate in a number of reservoirs.
Given the significant nature of the discovery, Carnarvon and its joint venture partner Santos Ltd (ASX:STO), have commenced preparations to appraise the discovery and test the potential of follow-up prospects.
The Phoenix South-3 well was also completed and encountered hydrocarbons in the targeted Caley interval.
This discovery adds to the Roc gas and condensate field which had a successful flow test in late 2016.
The joint venture will continue to analyse the results of the Phoenix South-3 well to determine the next steps.
READ: Carnarvon Petroleum reveals Phoenix South-3 well wireline evaluation results
Preparations to redevelop the Buffalo oil field have also been advanced. The field is being transitioned to fall under the exclusive jurisdiction of Timor-Leste as a result of the Maritime Boundary Treaty between Australia and Timor-Leste.
Discussions between Carnarvon and the Government of Timor-Leste continued with both parties having agreed in principle to the fundamental terms of the Production Sharing Contract.
READ: Carnarvon Petroleum plans to drill Buffalo oilfield redevelopment taking shape
In addition, Carnarvon is developing its operational readiness and has commenced seeking the relevant approvals to drill the Buffalo East-1 well which is the key first step to redeveloping the oil field.
Register for the CEO Sessions today to find out more.
Sydney details, Monday, March 11, 2019
Melbourne details, Tuesday, March 12, 2019
Also featuring at both sessions will be Bass Oil Ltd (ASX:BAS) and High Peak Royalties Ltd (ASX:HPR).