CVN's Carnarvon Basin Oil Discovey

I just read 194 posts from the Carnarvon Petroleum (CVN) punters after the Dorado-1 Oil Discovery Press release yesterday. So nice to see some pure joy on a Hot Copper thread. Dorado appears to be part of the Phoenix South complex in the Carnarvon Basin, but was an exploration well thought to be gas/condensate prone. They are targeting four separate sand intervals, but the first appeared to contain 80 meters of net pay 49.9 API OIL, so they logged it hence the release. Excellent reservoir characteristics. They are still to drill 500 meters and hope to encounter the other sands.

What is interesting to me as a KAR shareholder:

(1) CVN owns 20% of the lease and Quadrant 80%. Quadrant owns the assets previously held by a good sized US oil company called Apache that sold out of Australia.
(2) KAR owns 50% share of a 13,592 km2 (3.5 million acres) exploration licence (WA-482-P) in the Carnarvon Basin and Quadrant owns the other 50%.
(3) KAR's Licence is to the North East of the Poseidon, Roc and now Dorado discoveries and KAR is focussed on the most easterly portion of that licence (per page 10 of latest Preso) closest to those discoveries
(4) Quadrant farmed in on KAR's Carnarvon's acreage and in 2015 drilled an exploration well for KAR, Levitt-1, in the west of the block. Had oil shows but not commercial. Quadrant paid 90% to earn 50%, and paid KAR $5MM for past costs. BHP, BP, CNOOC and Woodside are the next door neighbours.
(5) KAR shows its greatest Un-risked Prospective resources of ALL its leases worldwide in the WA-482-P Carnarvon Basin lease being 1.4 Billion barrels - Mid case.

I believe the KAR exploration team will be enthused by the news of this discovery in their most significant exploration basin.

Now to tackle the Melbourne home bound traffic!