logo-loader

Carnarvon Petroleum: Rig mobilising to Phoenix South-1 well location

Published: 09:12 20 May 2014 AEST

canarvon_petroleum_atwood_eagle_358_537a9019408f5

Carnarvon Petroleum (ASX:CVN) has advised that the Atwood Eagle semi-submersible drilling rig has been released from the previous location and is en route to the Phoenix South-1 well location in the North West Shelf off Western Australia.

Phoenix South-1 targets multiple trillion cubic feet of gas and is funded by Apache Corporation (NYSE:APA) and JX Nippon to a cap of US$70 million.

The well is expected to spud on or around the weekend of 24-25 May 2014.

Carnarvon has a 20% interest in WA-435-P and the adjacent WA-437-P. 

Apache and Nippon are funding the cost of drilling both Phoenix South-1 and the contingent Roc-1 well in WA-437-P to a cap of US$70 million each.

Phoenix South is located on the border of WA-435-P and WA-437-P, which together cover about 28,000 square kilometres of contiguous acreage that are considered to be highly prospective for discovery of hydrocarbons.

Besides their gas potential, both Phoenix South-1 and Roc-1 have the potential to contain liquids-rich gas based on Phoenix well mud logs in comparison with mudlogs from condensate-rich North West Shelf gas fields.

A number of other oil and gas leads are also present in the two permits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Carnarvon Energy says core focus is on Dorado FID

  Carnarvon Energy Ltd (ASX:CVN) MD Adrian Cook tells Proactive that delivery of the Dorado Phase 1 liquids development in the Bedout sub-basin offshore Western Australia is a core focus for the company with its primary drivers being lowest capital cost and shortest timeframe to first...

on 24/10/23