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.
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.