Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the commencement of drilling at the Dorado-1 well.
- Drilling of the Dorado-1 well has now commenced
- Currently preparing to drill the 17-1/2" section of the hole
- Significant 125 million barrels of oil equivalent (gross, Pmean) being targeted
Since arriving on site, the rig successfully completed the ready to operate process, drilled the 36" conductor hole, running and cementing the 30" surface casing and preparing to drill the 17-1/2" section.
The rig will drill the 17-1/2" hole to the planned section depth of approximately 1,175metres MD followed by setting the 13-3/8" casing.
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 Crispin 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 (including this well) 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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