Chevron Subsidiary Gets Positive Drill Results in Greater Gorgon; Shares Slip

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Chevron Corporation ( CVX ) announced a natural gas drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin.

The Satyr-2 exploration discovery well confirmed approximately 128 feet (39 meters) of net gas pay. The well is located in the WA-374-P permit area approximately 75 miles (120 kilometers) northwest of Barrow Island off the Western Australian coast. The well was drilled in 3,570 feet (1,088 meters) of water to a total depth of 12,454 feet (3,796 meters). Satyr-2 is Chevron's fifteenth discovery in Australia since mid-2009.

CVX shares are down 0.6% to $116.22.




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This article appears in: Investing , Commodities

Referenced Stocks: CVX

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