Carnarvon Confirms Drilling of Roc-1 Well to Proceed as Planned

Carnarvon Petroleum Limited indicated Thursday that the decision by Apache Corporation to sell its Australian subsidiary, Apache Energy Limited, and its Australian oil and gas production and exploration assets to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management Inc. for $2.1 billion would not impact on the drilling of the Roc-1 prospect in Permit WA-437-P offshore Western Australia.

"Carnarvon confirms that this transaction does not impact the drilling of the Roc-1 well, which is scheduled to be drilled in the fourth quarter of 2015," the company said in a press release.

The Roc-1 well has a best estimate prospective resource of 42 million barrels of oil, which Carnarvon believes to be a commercially attractive proposition if confirmed, the firm had reported in a separate announcement earlier this week.

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