Carnarvon Energy Announces Pavo-1 Drilling Update

Source: www.gulfoilandgas.com 2/15/2022, Location: Not categorized

Carnarvon Energy Limited (“Carnarvon”) (CVN) is pleased to provide an update on the Pavo-1 well that is currently being drilled in the WA-438-P exploration permit.

Progress
The Noble Tom Prosser jack-up drilling rig commenced operations with drilling the surface hole down to around 175 metres Measured Depth (“MD”) and the conductor was installed and cemented in place.

Following the setting of the conductor, the 17 ½” hole has been drilled down to section depth of around 1,009 metres MD and the 13 5/8” casing has been set and cemented in place.

The rig is preparing to drill ahead in the 12 ¼” hole.

Forward Plan
The rig will drill ahead in the 12 ¼” hole to approximately 3,000 metres MD before setting the 9 ?” liner.

No hydrocarbons are anticipated to be intersected in this hole section.

After setting the 9 ?” liner the rig will drill ahead in the 8 ½” hole section through the expected reservoir interval.

Well Objective
The Pavo-1 well is targeting a gross mean recoverable volume of 82 million barrels of liquids and 108 Bcf of gas in the Caley Formation sands which flow tested at equipment limits of around 11,000 barrels of oil per day in the Dorado-3 well. This is an attractive prospect, having an estimated one-in-three (34%) geological probability of success.

Carnarvon holds a 30% interest in this resource, meaning the net liquids resource could be similar in volume to Carnarvon’s interest in the Dorado field in a success case.

After drilling the primary Caley target, the joint venture has the option to drill into deeper stratigraphy including the Lower Archer Formation Dumont Member sands, and the Permian carbonates. Information from these intervals will be highly valuable in assessing the substantial exploration potential north and east of the Pavo prospect.

ASX disclosure: Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal will be required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Following completion of the Pavo-1 well, the rig will drill the Apus-1 well which is located around 20km south-west of the Pavo-1 well location.


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