The Perth-based oil and gas firms, Quadrant Energy and Carnarvon Petroleum, have made a recent oil discovery off the coast of Western Australia.
The joint venture has found more oil at the Dorado-1 well, which analysts have suggested could be the largest discovery in the area in over two decades, Reuters reported.
The oil found in the Crespin and Milne Members at Dorado-1 has been measured at gross hydrocarbon packages of 50 metres and 30 metres respectively, and with net oil pay thicknesses of 22 metres and 18 metres.
The quality of the oil was better than anticipated with average porosities of 14% at the Crespin Member and 13% at the Milne Member.
“Discovering more oil in the Crespin and Milne Members makes this a truly incredible find, for Dorado and for similar structures nearby that have been identified in Carnarvon and Quadrant’s prospect list,” commented Adrian Cook, Managing Director at Carnarvon Petroleum.
“With drilling and evaluation of the Dorado-1 well now completed, Carnarvon’s assessment of the hydrocarbon volumes associated with this discovery is now well underway.”
“The hydrocarbon volumes will be announced to shareholders and investors as soon as possible.”