Quadrant, Carnarvon tap Bedout Basin ‘game changer’
Carnarvon Petroleum and Quadrant Energy have made a “staggering” oil discovery at their Dorado-1 well being drilled in the Bedout Basin, according to operator Quadrant.
Quadrant Energy group executive subsurface Fred Wehr said a 175m light oil column was drilled into last Thursday.
Speaking at the Petroleum Club of WA last night he said there were three more objectives to drill in the well.
“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,” he said.
Mr Wehr said porosities were averaging 20 per cent and there had been no indication of water.
“It’s just staggering what we've got here, I can’t talk volumetrics but this is enormously material,” he said.
“I'll tell you that the low case is solidly commercial, the mid-case is awesome and the upside is staggering,” Mr Wehr said when asked about the size of the prospect.
Carnarvon, which owns 20 per cent of the prospect, went into a trading halt on Friday and stated that the logging results were significant enough to bring forward the wireline program to immediately quantify the results.
Mr Wehr said he expected Carnarvon to make a statement to the market today.
“We are talking about something that is really a game changer, certainly for Quadrant, definitely for Carnarvon, but potentially for the industry as well,” he said.
“I hope I'm not overstating this or overselling it, but this is something I've never seen in a 35-year career.”
The veteran explorer said he would make a plea for capital to Quadrant’s owners to go “hell bent for leather” on further exploration in the area.
“Your exploration ought to be driven by your opportunities, not by your budget,” he said.
“I think one of the big lies of offshore exploration in the North Carnarvon Basin is that it’s all done.”
The news will be welcomed by Quadrant’s main owners Macquarie and Brookfield, which formed the WA oil and gas explorer and producer in 2015 from assets bought from Apache Energy.
They were reported to have cancelled an initial public offering earlier this year.
Peter Milne The West Australian
Wednesday, 18 July 2018 7:55AM