Sign up Australia
Proactive Investors - Run By Investors For Investors

Carnarvon Petroleum says drill rig will be at Phoenix South-3 well site by the end of March

Operated by Quadrant Energy, the latest well is just 560 metres from the Phoenix South-2 discovery
Drill rig
The semi-submersible Driller-1 pictured on its way to the waters off Western Australia

Carnarvon Petroleum Limited (ASX:CVN) said the drill rig for the Phoenix South-3 well is expected to be in position off the coast of Western Australia by the end of March.

The semi-submersible Driller-1 (pictured above) has left Port Louis, Mauritius, and once in location will be targeting a mean recoverable 489bscf of gas and 57 million barrels of gas condensate.

Operated by Quadrant Energy, the latest well is just 560 metres from the Phoenix South-2 discovery.

Gas and condensate in the Phoenix South structure is in addition to that in the Roc structure.

The gross contingent resource at Roc is 332 Bscf of gas and 19 million barrels of condensate.

READ: Carnarvon Petroleum’s plans get a boost from Australia - East Timor maritime border treaty

Earlier this week Carnarvon was notified that its Buffalo oil field will now fall within Timor-Leste’s exclusive jurisdiction following the signing of a maritime border treaty between Australia and Timor-Leste.

This provides that security of title and legal rights held by Carnarvon will be preserved through conditions equivalent to those already in place under Australian domestic law.

The treaty finally determines each nation’s entitlement and ownership of the rich oil and gas reserves in the Timor Sea.

READ: Carnarvon Petroleum to unlock value in new Eagle Project using improved technology

Carnarvon recently added to its North West Shelf assets through the awarding of the AC/P63 permit within the Southern Vulcan Sub-basin.

The 585 square kilometre permit, which will be known as the Eagle Project, is in shallow water and contains multiple attractive leads.

It is in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini/Challis oil fields.

View full CVN profile View Profile

Carnarvon Petroleum Ltd Timeline

Related Articles

Gas flare
August 24 2018
Decentralised power supply is the way forward for Africa believes VIctoria's Kevin Foo
The project site in Greenland
March 22 2018
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.
oil and gas operations
April 19 2018
The first two potential new wells will be drilled in around 45 days, and investors will be keen to see the results

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use