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News Update: Carnarvon Petroleum and Centaurus Metals

News Update: Carnarvon Petroleum and Centaurus Metals
Carnarvon reconfirms that the Outtrim East-1 well is scheduled to commence drilling in June 2016 and Centraurus Metals has enhanced the potential of the gold targets at Mombuca
May 16, 2016 By Kaivalya Kandarpa Tags: CVN, CTM

Carnarvon Petroleum’s Outtrim East-1 Well Scheduled for Drilling in June

Carnarvon Petroleum Limited (ASX:CVN) reconfirmed that its Outtrim East-1 well is scheduled to commence drilling in June 2016.

The company acquired a 28.5% interest in the Outtrim-1 project in January, which was aimed at discovering and combining sufficient oil resources to support a field development.

The Outtrim East-1 well targets the testing of the extent of oil discovered in the Outtrim-1 reservoir, and aims to investigate the potential for new oil charged sands to the north and east of the original 1984 well.  The well will also test for the presence of hydrocarbons in the Lower Cretaceous Barrow Group sandstones. 

Carnarvon’s Managing Director and CEO, Adrian Cook commented on the project: “The Outtrim East-1 well will test the extent of the Outtrim-1 oil discovery and upside potential in new oil charged sands to the north and east of the Outtrim-1 well. We are looking forward to completing this well, determining its potential for development, and considering further exploration and appraisal drilling possibilities to enhance the project’s value proposition.”

CVN declined 4.6% since the announcement, and was last traded at $0.105, as at 10:40 am (AEST). However, the stock has recovered 50% from its two-year low in February 2016.

Centaurus Metals Enhances the Potential of Gold Targets at Mombuca

Centaurus Metals announced that it has further improved the potential of its recently announced gold targets at the Mombuca Gold Project after receiving the results from the ground magnetic survey completed in November 2015. This project is located in south-eastern Brazil and is completely owned by Centaurus.

Centaurus’ Managing Director, Mr Darren Gordon commented on the recent developments: “What stands out is the strength, potential size and quality of these targets, which trick virtually every box from a geophysicist’s perspective. The coincidence of the IP chargeability targets, with a localised magnetic low feature within a broader magnetic high is an outstanding exploration target for sulphide hosted gold, like what we have been seeing at surface.”

CTM has risen 17% since the announcement, and was last traded at $0.007 (as at 10:40 am (AEST)).

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Kaivalya Kandarpa Author: Kaivalya Kandarpa May 16, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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