Carnarvon Petroleum Limited (ASX: CVN) has presented its September 2019 quarter report and emphasised on the successful Dorado appraisal program.
- The appraisal well-Dorado-3 provided further confirmation of the very large Dorado resource, which was discovered by the company in 2018.
- CVN and Santos Limited (ASX: STO)- the joint venture partner of the company completed a successful flow test of the Baxter reservoir, which exceeded pre -test expectations, before the end of the quarter.
- The company signed a Production Sharing Contract with h the Government of Timor -Leste over the Buffalo project.
- The signing coincides with the ratification of the Maritime Boundary Treaty between Australia and Timor - Leste which has resulted in the Buffalo oil field project moving into Timor -Leste jurisdiction.
- CVN ended the quarter with a strong cash balance of $133 million after an institutional placement.
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