Carnarvon Petroleum JV evaluates Australia's Dorado-1 discovery

WEST PERTH -- Carnarvon Petroleum Limited confirms that the Quadrant-Carnarvon Joint Venture has completed additional wireline evaluation since the last update, on July 18. The results have confirmed the oil discovery in the Caley Member and have confirmed the presence of gas and condensate in the top of the Baxter Member that was drilled into to enable the evaluation of the Caley Member.

Light oil has been recovered from a sand in the upper most section of Caley that is in addition to previous samples recovered. This work was undertaken to provide additional information across a broader area of the Caley and further enhances the joint ventures’ confidence in the results to date.

Gas and condensate samples were also recovered from a good quality reservoir in the top of the Baxter containing an estimated gross hydrocarbon package of 21 m and a net pay thickness of 10.5 m.

Pressure data confirms that the Caley oil and the Baxter gas-condensate discoveries are separately stacked hydrocarbon columns. However, the well has not completed drilling through the Baxter Member and this is, therefore, an interim net pay result and may or may not represent a gas cap to further oil resources.

A 7-in. liner will now be set prior to drilling into the Crespin and Milne Members. The plan is to deepen the well to approximately 4,550 m MD to evaluate the newly discovered Baxter sand and the secondary targets in the Crespin and Milne.

The Dorado-1 well is located within the WA-437-P offshore exploration permit, in the North-West Shelf of Australia.