Carnarvon, Quadrant hail further Dorado pay

Australia

PERTH, August 8, 2018 – Quadrant Energy has encountered more oil and gas in its Dorado-1 well offshore Western Australia, where a discovery was announced last month, partner Carnarvon Petroleum said on Wednesday.

Further oil discoveries in the Crespin and Milne Members and a gas find in the Baxter Member have increased the net thickness of hydrocarbons deposits encountered in the well to 132 metres, the statement added.

“With drilling and evaluation of the Dorado-1 well now completed, Carnarvon’s assessment of the hydrocarbon volumes associated with this discovery is now well underway,” the company’s managing director, Adrian Cook, said. “The hydrocarbon volumes will be announced to shareholders and investors as soon as possible.”

Quadrant operates the permit with an 80% stake in it. Carnarvon holds the remaining 20%. The discoveries are likely to turn both partners into lucrative takeover targets, Reuters reported separately.