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Carnarvon and partner firm Quadrant have made a historic discovery of high-quality light oil in their Dorado-1 well; causing Carnarvon share prices to surge 57 percent this week.
The quality and magnitude of the reserve has led many to describe it as one of the most significant discoveries of the North West Shelf.
The 96m column – of which 80m constitutes ‘net pay’ – will add an estimated $100 million to Carnarvon’s market capitalization and could well signify the finding of a new oil province.
Carnarvon CEO Adrian Cook said, “I hope I’m not overstating this or overselling it, but this is something I’ve never seen in a 35-year career”.
“We are talking about something that is really a game changer […] potentially for the industry as well”.
This – and the recent nearby discovery of gas and condensates – coincides with the end of a dreary four-year downturn for the region’s fossil fuel industry, which saw many firms laying off and cutting back.
Given the quick and cheap production cycles and low-obligation sales agreements of oil, relative to gas, this finding is particularly profound; and is expected to transform market sentiments and drive significantly more exploration activity in the years ahead.
Against this backdrop of activity, SEAAOC – as part of NT Resources Week 5-6 September 2018, Darwin, will unite stakeholders from across the oil and gas sectors for two days of industry analysis, debate and consultation.
Carnarvon COO, Philip Huizenga is due to speak at the conference where he will share further insights into the firm’s activity including an overview of what this recent discovery means for the business and the sector in general.
Run in partnership with the NT Government, SEAAOC is Australia’s longest established petroleum event – the breadth and depth of its coverage making it the leading platform for industry discussion and networking.