Sign up Australia
Proactive Investors - Run By Investors For Investors

Carnarvon Petroleum on schedule with drilling at Phoenix South-3 well

Quadrant Energy is drilling ahead in 17 1/2 inch hole at a measured depth of 3,114 metres.
Drill rig in use at Phoenix South-3
The program is targeting gas and condensate in the Caley Member

Carnarvon Petroleum Limited (ASX:CVN) is progressing as planned at the Phoenix South-3 well aimed at evaluating the gas and condensate potential of the Caley Member at the Phoenix project on the North West Shelf.

The 20-inch casing has been set and cemented in place, the Blowout Preventer has been installed and pressure tested, and drilling has started in 17 1/2 inch hole.

READ: Carnarvon Petroleum on track with Phoenix South-3 drilling program

Carnarvon’s partner in the Phoenix project, Quadrant Energy, is drilling ahead in 17 1/2 inch hole at measured depth of 3,114 metres.

Quadrant estimates it will take around another week to finish drilling this section of hole to about 3,700 metres after which 13 5/8 inch casing will set.

A number of hole sections will be drilled prior to the primary Caley target section, which is expected to be intersected at a depth of around 5,300 metres.

Evaluating gas and condensate potential

The primary objective for the well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure partially penetrated with the Phoenix South-2 well.

That well, 560 metres from the current well, encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation.

Location of the well within the Phoenix project.

READ: Carnarvon Petroleum raises $16 million to assist in redeveloping the Buffalo oil field

The Phoenix South-3 well has been optimally designed to penetrate and evaluate the Caley Member’s hydrocarbon-bearing formations.

It will target a closure estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate.

This equates to 143 million barrels of oil equivalent.

View full CVN profile View Profile

Carnarvon Petroleum Ltd Timeline

Related Articles

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
The project site in Greenland
March 22 2018
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.
September 26 2018
The company expects its oil and gas exploration efforts will add to shareholder value.

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