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.
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