Carnar­von shares up on strong Roc-2 re­sults

Pilbara News - - News - Stu­art McKin­non

Shares in Carnar­von Petroleum surged af­ter the com­pany re­ported bet­ter than ex­pected re­sults from flow test­ing at its Roc-2 well off the Pil­bara coast, 160km north of Port Hed­land.

The com­pany said its joint ven­ture part­ner and op­er­a­tor, Quad­rant En­ergy, suc­cess­fully flowed gas and con­den­sate to the sur­face us­ing the Ocean Monarch off­shore drill rig over the course of a sus­tained test.

The Roc-2 well lies within the WA-437-P ex­plo­ration per­mit, which is jointly held by Quad­rant (80 per cent) and Carnar­von (20 per cent).

It said flow rates and reser­voir pres­sure had ex­ceeded the com­pany’s ex­pec­ta­tions, lift­ing hopes the well could pro­duce com­mer­cially.

“The well flow tested at rates up to 51.2 mil­lion stan­dard cu­bic feet per day of gas and 2943 bar­rels of con­den­sate per day, that is ap­prox­i­mately 11,500 bar­rels of oil equiv­a­lent per day,” Carnar­von said in a state­ment.

“These rates were achieved through an ap­prox­i­mate one­and-a-half-inch choke and were equip­ment con­strained flow rates, mean­ing the well flowed at the max­i­mum rate pos­si­ble in the equip­ment be­ing used.”

Carnar­von man­ag­ing di­rec­tor Adrian Cook de­scribed the drilling re­sults as ex­tra­or­di­nary, adding they pro­vided Carnar­von and its part­ner with enor­mous blue sky po­ten­tial.

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