Carnarvon Petroleum at 4,113 metres depth with Roc South-1 oil & gas exploration well
The well has primary objectives in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.
Company
ASX:STO
Santos (ASX: STO) is a oil and gas producer, supplying Australian and Asian customers.
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The well has primary objectives in the Caley, Baxter, Crespin and Milne members of the Lower Keraudren Formation.
The well is being drilled offshore from Port Hedland in Western Australia.
Woodside Petroleum climbed 1.7% to $34.64, while Santos gained 1% to $6.79.
Santos and Carnarvon Petroleum announced the discovery of a major oil and gas resource off the coast of Western Australia.
The Dorado-2 appraisal well has highlighted the potential for Carnarvon to transform into a significant producer.
Increased resistivity observed from Logging While Drilling tools indicate porous and permeable zones with indications of hydrocarbons.
Approximately 200 metres of full well-bore core will be cut and extracted over the Caley and Baxter reservoirs.
It is the first appraisal well to follow last year’s discovery of the world-class Dorado oil and gas field.
ResMed was the biggest gainer on the index, soaring 9.9% to $16.26.
The Dorado project joint venture is preparing to drill the 17-1/2 inch hole section of the Dorado-2 appraisal well.
The company has a portfolio of diversified high-value resource royalties around the world.
The energy sector was hit by a 3% fall in oil prices to three week lows.
The US has announced a further clampdown on Iranian oil exports.
Resolute Mining shares jumped 7.7% to $1.25 after the miner reported a 33% rise in quarterly gold output.
Recent economic data from China and the US have seen better than expected results.
Carnarvon has attracted a great deal of interest with its oil & gas story in the last 12 months.
Company CEO Adrian Cook presented to investors at this week’s Proactive CEO Sessions.
Carnarvon recently raised $50 million to be applied towards appraisal and exploration activities on Australia’s North West Shelf.
Owning royalties is a proven and highly valued business model and High Peak has enormous potential in its portfolio.
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