Carnarvon Petroleum Limited has provided the following update on the drilling of the Phoenix South-3.
The 20 in. casing has been set and cemented in place, the Blowout Preventer (BOP) has been installed and pressure tested, and drilling has commenced in 17 ½ in. hole.
The well is currently drilling ahead in 17 ½ in. hole at 3114 m Measured Depth.
It is envisaged it will take around another week to finish drilling this section of hole to approximately 3700 m after which 13 5/8 in. casing will set. A number of hole sections will be drilled prior to the primary Caley target section which is expected to be intersected at a depth of approximately 5300 m.
The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.
Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation. The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon bearing formations of the Caley Member.
Phoenix South-3 is located around 560 m North-North East of the Phoenix South-2 well. The well will target a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent (“boe”), gross, Pmean).
Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal (including this well) is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
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