08/08/2018 - 12:23

Carnarvon shares soar again

08/08/2018 - 12:23

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Carnarvon Petroleum has announced another oil discovery at its Dorado-1 well in the Carnarvon Basin, with the company’s share price having more than quadrupled in the past month.

The Dorado well is offshore in the Carnarvon basin.

Carnarvon Petroleum has announced another oil discovery at its Dorado-1 well in the Carnarvon Basin, with the company’s share price having more than quadrupled in the past month.

Last month, West Perth-based Carnarvon said it had made a significant oil discovery, which sent its share price soaring.

That was followed by another announcement a week later saying it had found more oil and gas at Dorado.

Today, Carnarvon said it had made additional oil discoveries in the Crespin and Milne members of the Dorado well.

The oil and gas company’s shares were up 24.74 per cent at 60 cents each at 1.45pm AEDT.

At the start of July, the Carnarvon’s share price was hovering around 14 cents, representing a 328 per cent increase in the past month.

Carnarvon managing director Adrian Cook said the latest results at Dorado were impressive.

“The oil discovered in the Caley member is very significant in terms of its likely scale and in proving that this play works in the basin,” he said.

“Discovering more oil in the Crespin and Milne members makes this a truly incredible find, for Dorado and for similar structures nearby that have been identified in Carnarvon and Quadrant’s prospect list.”

Carnarvon holds 20 per cent of Dorado, while Quadrant Energy, the operator, holds 80 per cent.

Carnarvon said pressure data had confirmed that the Dorado structure contained multiple oil columns in the Caley, Crespin and Milne members and a gas and condensate column in the Baxter member, aggregating to a total net hydrocarbon pay of 132 metres.

“With drilling and evaluation of the Dorado-1 well now completed, Carnarvon’s assessment of the hydrocarbon volumes associated with this discovery is now well underway,” Mr Cook said.

“The hydrocarbon volumes will be announced to shareholders and investors as soon as possible.”

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