Dorado's oil discovers WA feeds the hopes of the new oil province

Hopes for the emergence of a significant new oil province for Australia have been inflamed by news of the discovery by the Dorado-1 well drilled off the northwestern coast , which some consider potentially one of the most important discoveries. North York Shelf

Shares of Carnarvon Petroleum, a junior partner, jumped 54% after the explorer reported what director Adrian Cook had described as "transformational" drilling at the site north of Port Hedland. The discovery follows earlier discoveries of gas and condensate by both partners, Carnarvon and Quadrant Energy in the same area, sometimes referred to as the Canning Offshore Basin.

Brett Darley, chief executive of Quadrant, which owns 80 percent stake in the drilling business, said the company is "thrilled" by the initial results.

This feeling of excitement was amplified by Mr. Cook.

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"That's what we live for as an" exploration company, "Mr. Cook said.

"Carnarvon and Quadrant really open up an entire basin here, it's a beautiful story for Australia and the industry"

Carnarvon shares soared 27 ¢ and 45 , 7% at 25.5 ¢ to 13:20 HAED

a depth of 96.1 meters, of which 79.6 meters is a "net salary", indicating that it is of sufficient quality to produce oil at a commercial rate

The Dorado discovery builds on previous gas and condensate discoveries made by nearby partners at the Phoenix South and Roc wells. But Mr Cook said the discovery of Dorado is more positive because of the better quality of the tank, and the resource being light oil instead of gas with related liquids.

The Phoenix South-1 discovery made in August 2014, prior to the acquisition of Apache's Australian badets by Quadrant, was later touted by some as potentially the country's largest liquid discovery for 30 years, but this discovery is considered to be even better

"Certainly, it far exceeds," Cook said. "It's hard to think back to one that's been so big and exciting and there's a lot more to come."

"Although it's big in itself, we have this whole basin to try to explore and unlock,"

Quadrant and Carnarvon hold four exploration permits covering 22,000 km² that cover essentially the entire basin, which is about the same size as the main producing part of the prolific Carnarvon Basin that Woodside Petroleum unlocked In the late 1960s.

For a small business, an oil discovery is Better news than finding gas because it is cheaper and faster to produce, requires less infrastructure and can be sold without having to enter into sales contracts. partners should be able to confirm the size of the discovery once the well has been completed and badyzed, in the coming weeks.

"But 80 meters from n" Depending on the results of the rest of the well, cel It's going to be big and probably one of the greatest discoveries of all time, "he says. the North West platform, she has that kind of potential.

The partners also drill a second well, Phoenix South-3, to confirm this discovery.

Quadrant was scheduled for an earlier IPO It was dismantled and Brookfield is expected to consider selling its stake.