The Dorado-1 exploration well has a number of targets:
- The primary target is the proven Caley Sandstone, which the JV estimates to contain a prospective mean resource of 545 Bcf of gas and 31 MMbbl of condensate; and,
- The Milne Sandstone is a secondary target which may contain equally attractive resources, albeit with a higher risk.
“This is a tremendous opportunity to test another quality prospect in the Bedout sub-basin,”? said Carnarvon Managing Director Adrian Cook.
“Confirming significant hydrocarbon volumes with this well would strongly underpin the economic proposition in this basin.
“This well could also play an important part in determining the future development scenarios for the Roc and Phoenix South gas and condensate discoveries.
“A significant Dorado discovery could be developed as the tie-in point for the Roc and Phoenix South resources with options for the gas to be used purely for domestic use, and/or for LNG purposes.”?
The cost estimate for the well has not yet been finalised, however the expectation is that Dorado-1 will be drilled at a lower cost than the Roc and Phoenix South wells.
This is due to reducing industry cost structures and less time drilling as a result of the shallower target depth in comparison to those in the Roc and Phoenix South wells.
Equity interest holders in the well are Quadrant Energy (80 per cent and operator) and Carnarvon Petroleum (20 per cent).