Carnarvon Petroleum (ASX:CVN) remains well-funded after it ended the September quarter with $50 million in cash, which will be used to advance its North West Shelf assets.
Carnarvon has wholly-owned assets, and joint ventures with Quadrant Energy.
The North West Shelf is Australia's most prolific oil & gas region, and is located off the coast of Western Australia.
WATCH NOW: Carnarvon Petroleum's Adrian Cook details the company's oil & gas strategy
Carnarvon and Quadrant have secured a rig contract for the Phoenix South-3 well, which is expected to commence before April 2018 and is being designed as a redrill of Phoenix South-2.
The Caley structure is estimated 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.