Dorado-1 Drilling Update
The 9 5/8" liner has been set and cemented in place down to around 3,637 metres Measured Depth ("MD"). Some additional time was required to set the 9 5/8" liner, however this has been completed in line with the well design.
The rig is currently drilling ahead in 8-1/2" hole at around 3640 m MD.
Drill the 8-1/2" hole from 3,640 metres MD to approximately 4,050 metres MD and then, in the event of encountering a significant hydrocarbon column, wireline log the expected reservoir section including formation and pressure testing. The Caley Member is anticipated to be encountered in this section of the well. The well will further be deepened to evaluate the targets of the Milne and Crespin Members below the Caley Member.
The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member with the well being less than 20km from and updip of the successful Roc-1 and Roc-2 wells.
The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 30 million barrels of associated condensate (being 125 million barrels of oil equivalent ("boe"), gross, Pmean). Multiple secondary targets have been identified by Carnarvon in the Crespin and Milne Members (see Figure 4 in link below) and these will also be assessed by the Dorado-1 exploration well. See the recently released volumetric strategy update (ASX 23 April 2018) for details on these targets.
Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Carnarvon Petroleum 20% Quadrant Energy (Operator) 80%
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About Carnarvon Petroleum Limited
Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.
Carnarvon Petroleum Limited