Phoenix South-3 Drilling Update
The 17 1/2" hole has been drilled down to a depth of 3,733 metres Measured Depth.
The rig is currently setting the 13 5/8" casing in place.
After setting and cementing the 13 5/8" casing, operations will continue with drilling in 12 1/4" hole and concurrently opening to 14 3/4" diameter. Opening the hole diameter allows for an additional casing string to be run over the Hove, prior to drilling the Caley objective in 8 1/2" hole. The Caley is expected to be intersected at a depth of approximately 5,300 metres.
The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.
Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation. The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon bearing formations of the Caley Member.
Phoenix South-3 is located around 560 metres North-North East of the Phoenix South-2 well. The well will target a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent ("boe"), gross, Pmean) - Refer to ASX Announcement on 23 April 2018.
Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal (including this well) is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Project equity Owners: Carnarvon Petroleum 20% Quadrant Energy (Operator) 80%
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About Carnarvon Petroleum Limited
Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.
Carnarvon Petroleum Limited