Drilling at Phoenix South-1 in Permit WA-435-P Finds More Hydrocarbons

Carnarvon Petroleum Limited (Carnarvon) reported Wednesday that the Phoenix South-1 well in permit WA-435-P in the North West Shelf in Western Australia has completed drilling to a depth of 15,075 feet (4,595 meters) measured depth (MD) after encountering the Locker shale.

A further two minor sands were encountered during the additional 180 feet (55 meters) of drilling. While quantitative analysis has not been undertaken on these two 32.8 feet (10 meters) sands, preliminary indications from the real-time logging data are that these are both hydrocarbon bearing.

Currently the rig is undertaking activities to leave the well in a safe condition, and it is anticipated that the rig will leave location by the end of this month. The cost estimate for the well to completion, including additional drilling, is within the previous guidance of approximately $5.58 million (AUD 6 million) net to Carnarvon.

The equity interest holders in WA-435-P are:

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

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