CARNARVON Petroleum’s (ASX: CVN) Dorado-3 appraisal well has successfully confirmed the Caley reservoir is capable of delivering oil at significant production flow rates.
A well test was conducted over an approximate 11 metre section of net Caley reservoir, between 3,999 metres and 4,015 metres Measured Depth.
Carnarvon said the test indicated very high potential flow rates of around 30,000 barrels per day from each production well in the Caley reservoir.
These results are in addition to the Baxter flow test results announced in mid-September 2019.
The oil flow rate is one of the highest from a North West Shelf appraisal well test, Carnarvon managing director, Adrian Cook, said.
The initial clean-up flow rate test achieved a maximum possible measured rate of approximately 11,100 barrels per day of oil and 21 million standard cubic feet (MM scf) per day of associated gas through a 68/64” choke.
“These results are the highlight of an incredibly successful 2019 appraisal program in which we have now confirmed a very large resource of oil and gas at Dorado and prolific production flow rates,” Mr Cook said.
Dorado is an exceptional project given these appraisal outcomes and is complemented by its local jurisdiction, it’s location in shallow water and its services advantages given its proximity to shore and supporting infrastructure which will aid development and operational costs.
“Our strategy set us a clear plan a number of years ago and we have pursued this consistently and tenaciously, even with recent challenging industry conditions.
“We are now very proud and excited to announce these results and in effect the highly successful conclusion of our assessment of the Dorado resource.
“Our future now moves to a new form of value generation for our shareholders, namely focused on the development and production of the Dorado field. Whilst focused on development, we also retain our intention to pursue a suite of the most exciting exploration prospects in Australia situated around the Dorado field.”
The completion of the Caley well test will end the Dorado-3 well and the 2019 well campaign. The Dorado oil and gas field resides in WA-437-P in which Carnarvon holds a 20% interest.
