Apache Plans to Drill Roc-1 Prospect Offshore Western Australia in 4Q 2015

We appreciate the patience of our shareholders while we have been working through the technical data and test programs and will continue to provide ongoing updates as we progress.”

The Joint Venture, led by Apache as operator, continues its work on the Phoenix South-1 well data and the data from previously drilled wells in the permit. This work addresses many geological aspects including reservoir development and quality, the type and potential source of the oils discovered and determining where the same results may occur elsewhere in the blocks. The work is expected to continue for a significant period of time and further updates will incorporate this work as it progresses.

Importantly, these volume estimates are subject to ongoing technical analysis that is currently being undertaken by the operator, Apache, including “special core analysis”. As Apache does not have a firm timetable for completion of volume estimates, Carnarvon initiated the DeGolyer and MacNaughton assessment using available Joint Venture data.

The cost of the Roc-1 well will be covered by Apache and JX Nippon to $70 million (gross cost of  well) thereafter the parties pay their respective share. DeGolyer and MacNaughton have assessed a high technical chance of success on this well of 42 percent.

The equity interest holders are:

WA-435-P and WA-437-P

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

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