Carnarvon hits jackpot

The share price of Carnarvon Petroleum rocketed more than 120% today as the company announced an oil discovery off the coast of Western Australia. Although full details aren’t yet available, the Phoenix South well looks to have struck a huge volume of oil and gas, up to 300m barrels. That there is gas here has been known for decades but it was thought that reservoir quality was too poor to allow commercial production. Today’s results suggest that might not be the case. The operator, Apache, reported a good quality reservoir that will allow oil and gas to flow freely....

The share price of Carnarvon Petroleum rocketed more than 120% today as the company announced an oil discovery off the coast of Western Australia. Although full details aren’t yet available, the Phoenix South well looks to have struck a huge volume of oil and gas, up to 300m barrels.

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