Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling at the Dorado-1 well.
The well has been drilled in the 12-1/4" hole section to the depth of approximately 3,637 metres Measured Depth ("MD").
Run and cement the 9-5/8" liner then drill the 8-1/2" into the primary Caley Member target.
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 (this well) 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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