Carnarvon Petroleum Limited (ASX: CVN) today announced the commencement of new 3D seismic survey over the Dorado and Roc discoveries, where almost no 3D seismic before these permits were awarded to Carnarvon and its Joint Venture Partner Santos Limited.
This new 3D seismic survey also referred to as the Keraudren 3D, is directed to assist with the advancement of the Dorado oil and gas field development and to prepare for the potential drilling of a number of high graded exploration targets.
Positioned as thought innovator in the energy sector, Carnarvon Petroleum pursuits to unlock the largest oil field in Western Australia’s North West Shelf. Dorado Oil and Gas Field forms the major part of the company’s exploration portfolio that includes Dorado-1, Dorado-2 Appraisal Well and nearby, ROC South.
The Keraudren 3D survey covers part of WA-437-P and WA-438-P in which Carnarvon holds a 20% and 30% interest, respectively. The survey, covering approximately 3,090 square kilometres will take around 70 days to acquire, with the processing of the data to be fast-tracked to be available for interpretation in early 2020. This timing enables the data to be incorporated into field development planning to support a Final Investment Decision target currently expected in late 2020.
Keraudren 3D survey area (Source: Company’s Announcement)
Adrian Cook, Carnarvon Managing Director, stated that “a significant amount of work is currently being undertaken in relation to the Dorado oil and gas field and high grading a number of really exciting near field exploration targets, including Pavo and Apus. The Keraudren 3D survey is expected to provide important new data in support of both of these objectives.”
A survey is reportedly designed to improve the data quality over the Caley, Crespin, Baxter and Milne intervals. These intervals contain significant quantities of oil and gas as proven in the monumental discovery of Dorado-1 well.
Moreover, the parties are currently engaged in drilling the Dorado-2 well. As per the latest update, 233 metres of whole wellbore core has been extracted from the well across the Caley and Baxter reservoirs and on logging across the cored section and to the well’s current depth, the Logging While Drilling (“LWD”) indicated that similar reservoirs have been encountered to those in the Dorado-1 discovery.
Forward Plan for Dorado-2 drilling
With respect to Doardo-2 drilling, the company intends to undertake wireline logging to obtain definitive results, only once the well gets drilled to the total depth of ~4,548 metres Measured Depth. This logging process includes pressure testing and fluid sampling over the entire section of open hole including the Baxter, Caley, Crespin and Milne members. It would eventually provide the definitive information on the quality of the reservoir sections, the estimates of oil-water contacts, and the complete nature of the hydrocarbon fluids.
CVN stock price has dropped by 0.926% to trade at $0.535, on 31 May 2019 (1:21 PM AEST). Over the past 12 months, the stock has jumped up by 315.38%, including a positive price change of 31.71% recorded in the past three months.
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