Small-cap oiler Carnarvon Petroleum Limited (ASX: CVN) last week reported a “significant” oil discovery in the Caley Sandstone interval during the Dorado-1 well drilling campaign off the Western Australian coast, which saw its share price jump 135% from 14c per share on July 11 to close off Friday trade at 33c.
An article in The Australian on July 20 saw Woodside Petroleum Limited (ASX: WPL) chief commenting that the Carnarvon find “enthuses our explorers” – Woodside has acreage in the same basin.
According to Woodside’s second-quarter report for the period ended June 30 2018, its Ferrand-1 exploration well in Western Australia intersected a 69m gross gas column that the company is assessing for its viability.
Also in the energy space, Oil Search Limited (ASX: OSH) shares have surged upwards of the back of news PNG LNG, which Oil Search has a 29% interest in, has entered into a purchase agreement with PetroChina for LNG supply – commencing this month.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.