Independent appraisal
Regarding Dorado, Carnarvon engaged international firm ERC Equipoise Pty. Ltd. to conduct an independent review of the Dorado resource following the success of Dorado-2 appraisal earlier this year.
Equipoise calculated a 1C unrisked contingent resource oil and gas combined figure for the field of 176 million boe, substantially higher than Carnarvon’s unrisked estimate in August last year of 128 million boe.
Equipoise put unrisked oil and condensate at 86 million bbl for unrisked 1C resource and 162 million bbl of unrisked 2C resource.
Cook said the new figures provide the JV with a high degree of confidence to advance field development concept evaluation work and confirm that the group has discovered a very large field
The volume of gas—unrisked 2C resource of 748 bcf calculated by Carnarvon last year, but unaudited by Equipoise—is also a large resource, particularly when combined with the nearby Roc field resource of 332 bcf of 2C gas and 20 million bbl of condensate.
Upon completion of Roc South-1, the rig will be moved to drill Dorado-3.
Santos has 80% of the discoveries. Carnarvon has 20%.