Carnarvon Petroleum has provided an update on the drilling of the Dorado-1 well.

Progress

The 7” liner was set and cemented in place down to around 4,044 metres Measured Depth ('MD') and the well has drilled down to approx. 4,620 metres MD. While drilling through the Crespin and Milne Members, a number of sandstone intervals have been encountered. Elevated gas readings and increased resistivity were observed in interpreted porous and permeable zones, indicating the presence of hydrocarbons. The positive observations in this additional section of the well warrant wireline logging in order to obtain more definitive results as to, amongst other things, the nature of the hydrocarbons (oil, gas and condensate) and the characteristics of the reservoir.

Current Operaions

The rig is currently drilling ahead at approx. 4,620 metres MD. The well will continue drilling ahead to a revised deeper total depth of approx. 4,650 metres MD after which a suite of wireline logging tools will be run.

Forward Plan

The Dorado-1 well is located within the WA-437-P exploration permit in the North-West Shelf of Australia.The equity interest holders are: Carnarvon Petroleum 20%; Quadrant Energy (Operator) 80%.