Shares in Carnarvon Petroleum were up 57 per cent today after the company revealed its joint venture partner Quadrant Energy had made an oil discovery described as staggering.
Carnarvon Petroleum has boosted its coffers with a $16 million capital raising to fund drilling at its Buffalo oil field in the North West Shelf, while also announcing a share purchase plan to raise up to $4 million.
SPECIAL REPORT: Western Australia's next major greenfields liquefied natural gas project could be a decade away after Woodside last month decided against further progressing its Browse floating LNG facility.
Carnarvon Petroleum has acquired a 35 per cent stake in Quadrant Energy's Barrow sub-basin oil project, and has committed $10 million towards a drilling program scheduled for June.
SPECIAL REPORT: As the energy construction boom winds down, policy makers must get the settings right to prepare for future investment, while energy players mull the best way to allocate scarce capital.
Perth-based oil and gas services company DownUnder GeoSolutions (Dug) has seized the chance to capitalise on what may be Australia's biggest oil find in decades by commissioning the nation's largest seismic survey.
Perth-based Carnarvon Petroleum says it will invest about $10 million to acquire 3D and 2D seismic data, which will allow the company to expand its search for oil and gas at its Phoenix project off the Pilbara coast.
Nido Petroleum has launched a $US108 million ($130 million) bid for Otto Energy's share of the Galoc oil field, coming in ahead of a recent proposal by Risco Energy International.
Shares in Perth-based Carnarvon Petroleum have surged on news it entered into an agreement to sell its remaining 20 per cent interest in its Thailand oil production assets to the Berlanga Group for $68.5 million.
Last month's huge oil discovery off the Pilbara coast, which could be the largest local find in 30 years, has already provided West Perth junior Carnarvon Petroleum with a significant boost to its share price.
Oil and gas exploration company Carnarvon Petroleum has announced a major oil discovery on the North-West Shelf, which it claims represents the largest in Australia for 30 years.
West Perth-based petroleum company Carnarvon Petroleum Ltd will raise $2.5 million through a share placement with Hartleys Ltd to raise money for a new drilling campaign.
