Carnarvon Petroleum and its Joint Venture partner and Operator, Santos, have moved quickly to appraise the Dorado discovery made in the third quarter of the 2018 calendar year.
The Dorado-2 appraisal well is expected to commence in May 2019, which will be the first of three wells planned for the Joint Venture’s 2019 drill campaign. Nobel’s Tom Prosser drill rig has been contracted for the program and is currently drilling in the Carnarvon Basin before it moves to the Dorado location. The Tom Prosser was previously utilised by the Joint Venture to drill the Roc-1 discovery in 2016.
The Dorado-2 well is targeting the hydrocarbon columns in a down-dip location from the Dorado-1 discovery. This is to provide more information on the extent of the hydrocarbon accumulations and further calibrate the reservoir and fluid properties.
The Roc South-1 exploration well was added to the drill program and will be drilled immediately following the completion of the Dorado-2 well. Roc South is within close proximity to Dorado, just 13km away from the Dorado crest and is estimated by Carnarvon to contain 74 million barrels of oil equivalent (Pmean, gross) (see ASX announcement 15 October 2018).
Roc South has a very similar geological trap structure to Dorado and like Dorado is situated up-dip of the Roc structure. With very similar characteristics and what is anticipated to be an identical oil sourcing mechanism, the Roc South prospect has a relatively high chance of success of 63%. Given its proximity to Dorado, success at Roc South could result in this structure being developed alongside the Dorado field.
Following the Roc South-1 exploration well, the final firm well of the 2019 drill campaign is the Dorado-3 appraisal well. Dorado-3 plans to include drill stem tests which will be critical to understand reservoir performance and obtain the fluid samples required for the design of the Dorado production facilities.
The results from these wells will also be instrumental in preparing for a Final Investment Decision (FID) which the Joint Venture is targeting for late in the 2020 calendar year.
There are also two additional standout oil prospects near Dorado which have been de-risked following the Dorado discovery. The Pavo and Apus prospects are estimated by Carnarvon to contain 82 million barrels and 612 million barrels respectively of oil recoverable (Gross Pmean) (refer to ASX announcement on 15 October 2018). Carnarvon expects to provide further information on these prospects as the work progresses.