Oil and gas explorer Carnarvon Petroleum Ltd. said on Sept. 4 that drilling results from the Dorado-3 appraisal well in Western Australia confirmed oil and gas reserves.
The wireline logging well has successfully confirmed a hydrocarbon-bearing reservoir within the Caley, Baxter and Crespin intervals, the company said in a statement.
“The Dorado-3 well is important in providing critical flow test and fluid data to underpin field development planning and a final investment decision to progress to development,” Carnarvon Managing Director Adrian Cook said. “The results strongly support progressing to the flow testing stage.”
Carnarvon in August 2018 said the Dorado oil find was estimated to hold 171 million barrels of proven and probable light oil reserves, making it the third biggest oil find off Western Australia.
Carnarvon owns a 20% stake in the field, with the rest held by Santos Ltd. after it acquired Quadrant Energy in 2018.
In June, Santos announced drilling results for the Dorado-2 appraisal well, with the company’s Managing Director and CEO Kevin Gallagher saying the results indicated the Dorado discovery was “larger than anticipated.”
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.
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