Carnarvon Petroleum has fired new market interest with the announcement the company will drill a new appraisal well to test structures north of Port Hedland.
Carnarvon has described the appraisal of the Roc structure, with an anticipated 372 cubic foot gas reserve and 18 million barrel condensate reserve, as “relatively low risk”.
Managing director Adrian Cook said the company was confident in the quality of gas and condensate discovered in the Roc-1 well, and that the upcoming Roc-2 well would prove gas and condensate exists down to Gas Water Contact.
“Roc-2 has been assessed as a relatively low risk appraisal well with a successful outcome being a significant step forward in supporting a development hub for gas and liquids (oil and condensate) that also opens up the province to additional development and appraisal projects,” he said.
In 2014 Carnarvon completed drilling of the Phoenix South project, which was heralded as one of the next big discoveries in Australian oil exploration.
Carnarvon Petroleum shares have seen a steady increase of interest since late January, going from a trough of 7c to 8.5c this morning.