- Carnarvon Petroleum has released results following a successful flow test at the Dorado-3 appraisal well
- The recent assessment measured gas from the reservoir flowing at 48 million standard cubic feet and 4500 barrels per day. Testing also indicated the well could produce up to 15 300 barrels of oil every day
- Testing at the well will continue for up to 48 hours to get a better sense of the pressure build-ups at the reservoir
Carnarvon Petroleum has released results from a successful flow test at the Dorado-3 appraisal well.
In an announcement released to the market today, the rural WA-based oil and gas explorer said results from the initial testing at the well’s Baxter reservoir exceeded expectations.
The recent assessment measured gas from the reservoir flowing at 48 million standard cubic feet and 4500 barrels per day. Testing also indicated the well could produce up to 15 300 barrels of oil every day.
Carnarvon Petroleum conducted the test over 7.4 metres of reservoir tenement, gathering results with a minimally invasive 150 psi drawdown rate.
“The initial results from the Baxter well test have comfortably exceeded our pre-test expectations, with the measured rates being at the surface equipment capacity, indicating the reservoir had the capacity to flow at significantly higher rates,” said Carnarvon Managing Director Adrian Cook.
“The well test has confirmed our assessment that the Baxter reservoir contains a condensate-rich gas capable of flowing at commercial rates with minimal impurities,” Adrian continued.
“This flow test information is important to the Joint Venture in terms of selecting a final concept for developing this project. Carnarvon looks forward to the final phase of appraisal for the Dorado field with the upcoming well-test of the Caley reservoir,” he explained.
While the initial results look promising, Carnarvon Petroleum says it will wait to get the full data interpretation report back to provide further guidance on the flow rates for less constrained production scale wells.
Testing at the well will continue for up to 48 hours to get a better sense of the pressure build-ups at the reservoir.
The company made gains of 7.69 per cent on the ASX today, retaining a market cap of A$609.3 million and increasing their share price to 42 cents apiece.