Carnarvon Petroleum Limited (ASX:CVN) director Gavin Ryan has increased his holding in the company after participating in a share purchase plan (SPP) that raised about $3.5 million.
The non-executive director acquired 38,461 shares with total value of $15,000 and now holds 267,701 shares in two interests, one direct and one indirect.
These shares were allotted on Friday, August 23.
SPP follows capital raising
The SPP followed Carnarvon’s capital raising that raised $79 million.
This week the company provided an update on drilling of the Dorado-3 appraisal well within the Dorado oil and gas JV on WA’s North West Shelf.
There have been 175 metres of whole well bore core extracted from the well across the Caley and Baxter reservoirs and ‘Logging While Drilling’ (LWD) tools have logged across the cored section.
The core was secured over the intended reservoir zones, with certain intermediate non-reservoir sections being drilled rather than cored resulting in 175 metres cored rather than the previously advised 230 metres.
Indications of hydrocarbons
Increased resistivity observed from LWD tools indicated porous and permeable zones with indications of hydrocarbons as anticipated in the Caley and Baxter members.
Wireline logging is required to obtain definitive results and this will begin once the final core section is extracted and the well has drilled to the total depth of about 4,575 metres measured depth (MD).
The JV plans to drill ahead to the proposed core point and obtain the final core section before drilling the well to the proposed depth of about 4,575 metres MD.
Primary objective for extracting the core is to assist with development planning and as such the core has been preserved and sent to laboratories in as original condition as possible.
Analysis will likely not be available until after the completion of the Dorado-3 well.
The core sections have been planned to be coincident with DST zones to enable the information from those flow tests to be compared to the reservoir sections extracted.
Dorado-3 is the second appraisal well of the Dorado oil and gas field which was discovered in 2018.