Carnarvon Petroleum: Roc-1 Well Shows Signs of 'Working Petroleum System'

Carnarvon Petroleum Ltd announced Friday that the Roc-1 well, located in permit WA-437-P offshore Western Australia, has shown signs of a “working petroleum system”.

Elevated gas readings and increased resistivity in porous zones were observed in the section of the well from 13,779 feet to 14,550 feet, indicating the presence of hydrocarbons and a working petroleum system, according to a company statement. Non-commercial, minor hydrocarbon shows were observed whilst drilling in good quality reservoir sands from 12,303 feet to 13,779 feet.

Roc-1 will now be drilled ahead, as scheduled, to a total depth of approximately 15,583 feet, at which time a full suite of wireline logs will be acquired. The equity interest holders in WA-437-P comprise Carnarvon Petroleum, which holds a 20 percent interest, Quadrant Energy, which holds a 40 percent operated interest, JX Nippon and Finder Exploration, both of which hold a 20 percent interest.



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