Carnarvon Energy (ASX:CVN) mobilises rig to Apus-1 well – The Market Herald

• Carnarvon Energy (CVN) mobilises drilling rig to the Apus-1 well location in the Bedout Sub-basin, Western Australia
• The well lies near the Pavo-1 well, which resulted in an oil discovery
• Carnarvon expects drilling of Apus-1 to start within a week and is anticipated to take a month to complete
• The prospect has a liquids resource estimate of 235 million barrels
• CVN shares last traded at 32 cents

Carnarvon Energy (CVN) has mobilised a drilling rig to the Apus-1 well location in the Bedout Sub-basin in Western Australia.

The Noble Tom Prosser jack-up rig recently completed the Pavo-1 well, which lies near Apus-1 and resulted in an oil discovery.

Carnarvon Managing Director Adrian Cook said Pavo-1 “delivered a substantial resource for future production” and increased the company’s confidence in the extent of the petroleum system in the area.

Drilling at Apus-1 was expected to start within a week.

The Apus prospect has an estimated gross mean recoverable volume of 235 million barrels of liquids and 408 billion cubic feet of gas in the Caley and Milne sands, with Carnarvon holding an average interest of 25 per cent in the target resource.

The Caley Member sands will be the first of the two target reservoirs in the Apus-1 well and were also oil bearing in excellent reservoir sands in the Pavo-1 well..

Caley Member sands flow tested at equipment limits of about 11,000 barrels of oil per day in the Dorado-3 well in 2019.

Below Caley is the second target Milne, which was hydrocarbon-bearing in the Dorado field.

Drilling of Apus-1 is expected to take about a month to complete.

CVN shares last traded at 32 cents.

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