Carnarvon shares up on strong Roc-2 results
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.