Quadrant Energy has made a major oil find via its Dorado-1 well in Western Australia’s Bedout Basin, the company’s executive of subsurface, Fred Wehr, said on July 17.
Wehr, speaking at the Petroleum Club of WA, said the well had intercepted a 175-metre column of light oil on July 12. The reservoir contains a gross hydrocarbon package of 96.1 metres and a net pay thickness of 79.6 metres.
The executive added that there were three more objectives to drill in the well, which is located in the shallow-water block WA-437-P. Quadrant operates the prospect with an 80% stake while Carnarvon Petroleum owns the remaining 20%.
“We’re hoping to have this drilled out in the next seven to 10 days, but we see this Dorado as going to be a big deal,” Wehr said. “It’s just staggering what we’ve got here, I can’t talk volumetrics but this is enormously material.”
He added: “The low case is solidly commercial, the mid-case is awesome and the upside is staggering.”
Trading of Carnarvon’s shares were suspended on July 13 pending the release of the well results. When trading resumed on July 18 they surged more than 50% on news of the discovery.
Carnarvon managing director Adrian Cook said: “Currently, we estimate the net oil pay is around 80 metres and with more drilling still to come this is very exciting for Carnarvon Petroleum.”
Dorado-1 was drilled to assess gas and condensate potential in the Caley Member interval. Following completion of the wireline logging programme, the well will be deepened to assess other targets. Cook said: “With multiple targets still left, the focus now is to complete the drilling programme through the Baxter, Crespin and Milne members.”
Dorado-1’s location less than 20 km from the successful Roc-1 and Roc-2 wells, means the industry is keenly anticipating its results.
Quadrant’s Wehr said: “We are talking about something that is really a game changer, certainly for Quadrant, definitely for Carnarvon, but potentially for the industry as well. I hope I’m not overstating this or overselling it, but this is something I’ve never seen in a 35-year career.”
Carnarvon has previously estimated that Caley Member contains a gross mean recoverable prospective resource of 545 bcf (15.43 bcm) of gas and 30 million barrels of associated condensate.