Partners to Drill Roc-1 Well Off Western Australia with Jackup in 4Q 2015

Carnarvon Petroleum Limited (Carnarvon) provided Tuesday the following update on work being undertaken and planned in the WA-435-P, WA-436-P, WA-437-P and WA-438-P exploration permits, collectively referred to as “the Phoenix Blocks”, located in the North West Shelf of Western Australia.

Macquarie/Brookfield led Consortium

On June 5 the Macquarie/Brookfield led Consortium successfully completed the acquisition of Apache’s Western Australian business. This business includes all of Apache’s Australian production assets, exploration permits and the management team and staff. They also announced that they would rename the business and it will now be called Quadrant Energy (Quadrant). Carnarvon has been in ongoing communication with the Quadrant team and is looking forward to continuing its business relationship with them at Phoenix and potentially other projects in the future.


Since completing the Apache asset acquisition, the Quadrant team have confirmed the intention to drill the Roc-1 well in the fourth quarter of calendar 2015.

The Roc-1 well is situated in around 262 feet (80 meters) of water depth and the plan is to drill the well with a jackup.

Quadrant and JX Nippon will fund drilling and testing costs within WA-437-P to $70 million (gross cost). The current estimate to drill the Roc-1 well is around $45 million (gross). Any shortfall can be carried over into subsequent testing or drilling activities within the permit.

It is anticipated a successful Roc-1 well will be suspended to allow for re-entry within six to twelve months to complete more extensive well sampling and to flow test the well. This decision is based on factors pertaining to government approvals, cost and drilling processes.

Given the probability of success estimated for the Roc prospect, planning is also underway for the drilling of additional exploration and appraisal wells in late 2016. These will likely be subject to a successful Roc-1 result, joint venture and government approvals and rig availability.


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