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Carnarvon gives drilling updates on Dorado-1

Carnarvon Petroleum Limited has provided the following update on the drilling of the Dorado-1 well.

The Dorado-1 well was drilled down to around 4,044 metres Measured Depth MD in 8-1/2” hole. The rig is currently preparing to run a suite of wireline logging tools.

The significance of the results from logging while drilling and observations from the drill bit cuttings have warranted that the proposed wireline program is brought forward to immediately quantify the extent of the positive results received so far.

At the completion of the wireline logging program, the well will be deepened to assess the Milne and Crespin Members, below the Caley Member. There is an option to run a further casing string if deemed necessary to reach the final depth, however, at this point, it is not anticipated.

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member with the well being less than 20km from and up-dip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 30 million barrels of associated condensate. Multiple secondary targets have been identified by Carnarvon in the Crespin and Milne Members and these will also be assessed by the Dorado-1 exploration well. See the recently released volumetric strategy update for details on these targets.

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 are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.