June 21, 2018 - 10:01 PM EDT
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Carnarvon Petroleum Limited (CVONF) Dorado-1 Drilling Update
Perth, Australia (ABN Newswire) - Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling at the Dorado-1 well.

Progress

The well has been drilled in the 12-1/4" hole section to the depth of approximately 3,637 metres Measured Depth ("MD").

Forward Plan

Run and cement the 9-5/8" liner then drill the 8-1/2" into the primary Caley Member target.

Well Objective

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% 

To view figures, please visit:
http://abnnewswire.net/lnk/3H27RP07



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.



Source:

Carnarvon Petroleum Limited



Contact:

Investor inquiries: 
Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: [email protected]

Media inquiries:
Luke Derbyshire
Managing Director
Spoke Corporate
Phone: +61-488-664-246
Email: [email protected]
 

Source: ABN/Asia Business Newswire (June 21, 2018 - 10:01 PM EDT)

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