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CVN - CARNARVON ENERGY LIMITED


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Carnarvon Petroleum (CVN) - The WA offshore oil explorer is trading at less than its $100m cash backing, but with two pending drilling programs, intrepid punters won't wait long to see whether they snared a bargain ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¦ or not.

 

Carnarvon owns a 28.5 per cent interest in the block housing Outtrim East-1, which is due to spud in mid June. The fresh hole is about 1km away from the oil-bearing Outtrim-1 well, drilled by Esso way back in 1984, with Carnarvon bearing a $7m share of the cost.

 

Carnarvon and operator Quadrant believe they have stumbled on a thicker section of the reservoir. Failing that, Roc-2 spuds in July. The well is near ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ you guessed it ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ Roc-1, which proved a fizzer last year by producing gas rather than oil. The partners believe that Roc-2 will be closer the centre of the structure and the results are likely to be more oleiferous.

 

"Carnarvon classifies the prospective resource s low risk and places an 80 per cent chance of low risk,'' Perth broker Hartleys says.

 

We didn't think there was such a thing as low risk in the high-stakes offshore drilling game. Both wells are expected to cost $21m, so at least Carnarvon isn't cleaned out should both wells prove dusters. Spec buy.

Criterion - The Australian
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  • 4 months later...

Roc-2 well test successfully flowed gas and condensate to surface over the course of a sustained test program.

 

Highlights

- Flow rates and reservoir pressure conditions exceed CarnarvonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s expectations

- Test confirmed quality conventional reservoir that flows strongly without intervention

- Gas and condensate ratios were at the higher end of the range of pre-drill estimates

 

well, it's something at least

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