Carnarvon Updates on Drilling at Phoenix South-1 Well in Permit WA-435-P

Carnarvon Petroleum Limited (Carnarvon) reported Monday that the Phoenix South-1 well in permit WA-435-P on the North West Shelf offshore Western Australia has drilled to a depth of 14,895 feet (4,540 meters) Measured Depth (MD). Drilling 131 feet (40 meters) below the 14,763 feet (4,500 meters) MD target was undertaken to enable logging tools to reach 14,763 feet (4,500 meters). The Operator is currently running wireline formation evaluation tools. These operations are expected to continue for a further 5 to 7 days. Once these operations are complete the Joint Venture will make a decision whether to drill deeper.

Throughout the interval from approximately 13,861 feet (4,170 meters) MD to 14,895 feet (4,540 meters) MD, a number of sandstone intervals were encountered. Elevated gas readings and indications of associated liquid hydrocarbons were observed coincident with these sandstone intervals.

The results from the logging based formation evaluation are required before we are able to be more definitive on the well results and further updates will be provided as soon as the relevant information is to hand.

The equity interest holders are:

  • Carnarvon Petroleum - 20 percent
  • Apache Energy (Operator) - 40 percent
  • JX Nippon - 20 percent
  • Finder Exploration - 20 percent

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