Carnarvon Petroleum Limited (Carnarvon) disclosed Monday that, as announced in January, the Outtrim East-1 well in permit WA-155-P(1) offshore Western Australia is on schedule to commence drilling with the Noble Tom Prosser (400' ILC) in June.
Carnarvon Managing Director and CEO, Adrian Cook said:
“The Outtrim East-1 well will test the extent of the Outtrim-1 oil discovery and upside potential in new oil charged sands to the north and east of the Outtrim-1 well.
We are looking forward to completing this well, determining its potential for development, and considering further exploration and appraisal drilling possibilities to enhance the project’s value proposition.
We are in a very exciting period of time for the company with this well and the Roc-2 appraisal well expected to commence in July providing significant opportunity for and interest in Carnarvon. Positive drilling results from either or both wells have the potential to materially deliver on Carnarvon’s strategic objectives, namely ‘to find and commercialize major oil and gas resources on the North West Shelf (NWS)'.”
The objectives of the Outtrim East-1 well are to:
The well is located approximately 3,182 feet (970 meters) east of the Outtrim-1 well in 312 feet (95 meters) of water with a target interval around 4,593 feet (1,400 meters) below the sea bed.
The Outtrim East-1 well is expected to take 25 days to complete on a trouble free basis. The net cost to Carnarvon is expected to be around $5.8 million (AUD 7 million) based on its 28.5 percent interest.
Carnarvon acquired a 28.5 percent interest in the permit WA-155-P(1) from Inpex in January.
A second dealing with Quadrant Energy covering WA-155-P(1), WA-486-P and TR/3 was recently terminated by mutual agreement due to a number of factors including balancing work plans in the Roc and Phoenix acreage where Quadrant Energy and Carnarvon are also joint venture partners.
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