Carnarvon Petroleum Ltd (ASX:CVN) has results pending from the Roc South-1 exploration well offshore Western Australia and is in a trading halt.
The halt will remain in place until the starts of ASX trading on Monday, July 8, 2019, or until an announcement is released to the market, whichever occurs earliest.
Shares last traded at 58 cents after reaching a new 10-month high of 61 cents early this week.
READ: Carnarvon Petroleum at 4,113 metres depth with Roc South-1 oil & gas exploration well
Roc South-1 is in the WA-437-P licence area in which Carnarvon holds a 20% interest and the well follows the recently completed appraisal well at Dorado-2.
The Dorado-2 well confirmed the major oil & gas discovery made at the nearby Dorado-1 site last year and highlights the potential for Carnarvon to transform into a significant producer.
The primary objectives of the 2019 drilling program by Carnarvon and JV partner Santos Ltd (ASX:STO) are in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.
Roc South-1 well is testing the Caley play in a sub-crop trapping geometry that is analogous to the Dorado field.
READ: Carnarvon Petroleum appraisal confirms major Dorado oil and gas resource, shares up
Dorado-1 discovered hydrocarbon bearing reservoirs in these members of the same formation.
The Baxter, Crespin and Milne objectives are also set up by a sub-crop trapping geometry.
Roc South-1 is around 160 kilometres NNE of Port Hedland in the Bedout Sub-basin and drilling is in water depth of about 95 metres.
The well recently completed the 12-1/4” section at approximately 4,113 metres Measured Depth (MD) and the JV partners then began cleaning the hole in preparation to set the 13-3/8” casing.
Following Roc South-1, the rig is scheduled to drill the Dorado-3 appraisal well.