The well is the first drilled by Carnarvon and project operator Quadrant Energy at the Phoenix project located offshore Western Australia in the Canning Basin.
The 10-5/8 inch hole has been drilled down to 5,041 metres measured depth with drilling continuing deeper.
The forward plan is to drill the 10-5/8 inch hole from 4,945 metres depth to about 5,160 metres.
Intersecting the Caley reservoir at about 5,183 metres
Following this, the 9 5-8 inch liner will be set before drilling will continue in the 8-1/2 inch hole.
The primary target Caley reservoir is anticipated to be intersected in the 8-1/2 inch hole at a depth of about 5,183 metres measured depth.
560 metres from the Phoenix South-2 well
The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within an area 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 section.
The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon-bearing formations of the Caley Member.
Recently, Carnarvon updated on drilling operations at the Dorado-1 well also within the Phoenix project.
The well was at a measured depth of about 3,637 metres and was approaching the 3,800-metre target depth.