Carnarvon Energy (ASX:CVN) - Managing Director & CEO, Adrian Cook
Managing Director & CEO, Adrian Cook
Source: Carnarvon Energy
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  • Carnarvon Energy (CVN) reaches final depth at the Apus-1 well, located offshore WA about 27 kilometres south-west of the Pavo-1 well
  • Interpretation from the logging is that while hydrocarbons were observed in the well, a commercial hydrocarbon pool has not been discovered
  • Before drilling commenced, hydrocarbon charge and seal were recognised as key risks at Apus-1
  • Carnarvon is now running wireline formation evaluation tools to gain information to support further exploration in the Bedout Sub-basin, after which the well will be left in a safe condition
  • CVN shares steady at 33.5 cents

Carnarvon Energy (CVN) has reached the final depth at the Apus-1 well located offshore WA about 27 kilometres south-west of the Pavo-1 well.

Just before Easter, the company reported the well had been drilled to about 2,199 metres measured depth (MD) and a liner was set and cemented in place.

The hole has now been drilled to a final total depth of about 2,900m MD.

Carnarvon said “excellent quality” reservoirs were intersected in the Caley and Milne Members as predicted.

The company said hydrocarbons were observed in the well but a commercial hydrocarbon pool was not discovered, based on interpretation from the logging while drilling and mud logging equipment.

Before drilling commenced, hydrocarbon charge and seal were recognised as risks at Apus-1.

Carnarvon said the early interpretation suggested evidence of hydrocarbons migrating to the Apus location, however, they might not have migrated in sufficient quantity for a commercial hydrocarbon pool to form.

The Apus Island is surrounded by shale-filled channels, isolating it from Dorado and Pavo discoveries, the company noted.

“Collectively, the Pavo-1 and Apus-1 results open up the potential of the Bedout Sub-basin by proving the existence of hydrocarbons and high-quality reservoirs a considerable distance east and south-east from the Dorado and Roc fields,” Managing Director and CEO Adrian Cook said.

“At this time, we remain highly confident of discovering additional resources in and around our two main fields and further across the Bedout Sub-basin, and plan to provide further information on these opportunities in due course.

“In addition to maturing our future exploration plans, the development and production of the Dorado and Pavo resources will be a core focus for Carnarvon with the Dorado phase one liquids development on track for a final investment decision this year.”

Carnarvon was running wireline formation evaluation tools to gain information to support further exploration in the Bedout Sub-basin, after which the Apus-1 well would be left in a safe condition.

CVN shares were steady at 33.5 cents at 10:23 am AEST.

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