Carnarvon finds more oil and gas

Shares in Carnarvon Petroleum have received another boost today after the company said it had discovered more oil and gas at Dorado-1 in the Carnarvon Basin.

The company’s share price surged last week following the announcement of an oil discovery at Dorado.

Carnarvon, which holds 20 per cent of Dorado, said further analysis had confirmed last week’s results, while also confirming the presence of gas and condensate.

Quadrant Energy is the operator of Dorado, and holds an 80 per cent stake.

Carnarvon shares were up 23.6 per cent to 44 cents each at 320pm AEDT.

The company’s shares were trading at around 15 cents each before last week’s announcement.

“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,” Carnarvon said.

“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.”

The company said it now planned to deepen the well to about 4,550 metres measured depth to evaluate the new discovery and secondary targets.