Carnarvon Petroleum Limited’s Share Price is booming by 25.77% Today

The Carnarvon Petroleum Limited [ASX:CVN] share price has surged by 25% at the time of writing.

This has doubled the price of its close on Friday trading at 17.5 cents, before the announcement of Monday’s pre-news trading halt.

Carnarvon Petroleum Limited’s share price rides high on oil discovery

The oil discovery at Western Australia’s North West shelf has skyrocketed CVN’s share price, where it continues to ride the highs from the project.

News of the discovery on Wednesday travelled quickly, seeing shares surge to a high of 51%, trading at 47 cents.

2018 Mining Boom: Could these 10 cheap, top-quality Aussie mining stocks lead this year’s commodities comeback? Find out here.

This comes off the back of the joint venture between Carnarvon and Quadrant Energy, who made the discovery in the primary target of the Dorado-1 well.

CVN said there was positive observations from the Dorado-1 well, specifically in elevated gas readings and increased resistivity seen in in the area, which is indicating the presence of oil and gas.

Which means wire logging is needed in order to obtain more definitive results about the nature of the oil and gas down there.

Carnarvon Petroleum’s managing director Adrian Cook said the result was transformational for the company, saying:

This is a significant discovery given the quantum of the net pay thickness, the quality of the oil and the extremely good reservoir characteristics.

New territory for Carnarvon Petroleum Limited’s share price

This is all new ground for CVN, which saw its share price reach a record 12-month high.  Even after they highlighted the possibility that the Dorado structure could hold a substantial oil source.

Currently CVN has operations with rig drilling at approximately 4,620 metres MD.

Going forward, Carnarvon said they would continue drilling ahead to a revised deeper total depth of the above 4,620 metres, to be started after a suite of wireline logging tools is run.

This combination of light oil, and excellent reservoir characteristics could continue to be good for Carnarvon Petroleum’s rising share price.

Kind regards,

Ryan Clarkson-Ledward,
For Money Morning

PS: Don’t miss out on the 2018 Mining Boom. Our resources analyst, Jason Stevenson, has compiled the top ‘The Top 10 Australian Mining Stocks’ trading on the ASX right now. To find out which ones will benefit from the resurgence in commodity prices? Click here.


Ryan Clarkson-Ledward is one of Money Morning’s junior analysts. Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects. Ryan’s primary focus is assisting Sam Volkering with background research and insight for readers by dissecting the latest events affecting the world. Working closely with Sam, they explore the latest in small-cap and technology stocks as well as cryptocurrency opportunities. You can find Ryan’s contributing research, developments, and supporting information across several e-letters, including:


Leave a Reply

Your email address will not be published. Required fields are marked *

Money Morning Australia