"The drilling of WB-N3 is the start of what is expected to be a significant well development program designed to commercially exploit some 10 million barrels of recoverable oil reserves within the Wichian Buri Oil Field," said the managing director of Carnarvon, Dr Ken Tregonning. "The SW1A Joint Venture partners are keen to reach production rates in excess of 1,500 barrels of oil per day by the end of this calendar year."

Carnarvon also finalised the placement of 6.6 million shares, raising $1.5 million, arising from a shortfall in a recent capital raising. With recent trades nudging 7c, it has already given investors who took up the issue at 5c a quick return.