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Roc / Phoenix area contingent and prospective resource estimates

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Oilfield Technology,

Carnarvon Petroleum Limited (Carnarvon) (ASX:CVN) has provided the following contingent and prospective resource estimates for the Roc, Phoenix and Phoenix South area in the WA-435-P and WA-437-P permits (CVN 20% interest).

Carnarvon’s Managing Director and CEO, Adrian Cook said, “our resource estimates are based on the successful drilling resulting date and a foundation of quality data and extensive technical work completed over the course of the last two years. Contingent and prospective resource estimates by definition have geological and commercial risks that require further work, including further exploration and appraisal drilling to unlock. This is a natural process for any new area and the currently drilling Phoenix South-2 well is the next logical step in clarifying the volume of resources underpinning a development. The scale of the potential in this project, coupled with the drilling success to date, make this one of the most exciting oil and gas projects in Australia.”

The resources included in this report cover an area around the Roc, Phoenix and Phoenix South discoveries, as per the figure below, that show:

Gross 2C contingent resources of 332 billion ft3 of gas, 20 million bbls of condensate and 31 million bbls of light oil, equivalent to 109 million boe; 1.5 trillion ft3 of gas, 86 million boe and 121 million bbls of light oil in gross mean unrisked prospective resources in Caley and Barret reservoirs alone; and Additional prospective resources in the Phoenix South and Dorado prospects in the Milne and Hove reservoirs. At this time, these resources generally have a lower geological chance of success compared with the Caley and Barret reservoir estimates.

In the period since the initial Phoenix South resources were announced (7 April, 2015), a significant amount of data has been acquired within the WA-435-P and WA-437-P permits, including updated seismic data, additional well data from Roc-1 and Roc-2, and receipt of special core analysis (SCAL) data from the Phoenix South-1 well, resulting in an updated analysis of the recoverable resources within the area outlined above.

The estimates in this update have focused primarily on the Caley and Barret reservoirs where the joint venture has proved that hydrocarbons exist by recovering them to surface through drill string testing or wireline formation testing. They also only apply to resources within range of being tied back to a central hub development.

With discovered 2C resources around minimum economic levels, the joint venture was encouraged to assess additional resources to aid commercial development considerations. The next well in the program, the Phoenix South-2 well, commenced drilling on 28 October 2016 to appraise oil in the Barret Sandstone and explore the Caley Sandstone that is estimated to contain 470 billion ft2 of gas and 25 million bbls of condensate on a gross mean case basis. Phoenix South-2 will also explore the potential in the Hove formation.

The first well into this basin (namely Phoenix South-1) was a tremendous success with the extraction of light oil in late 2014. The two Roc wells in 2016 extended our knowledge and success with the discovery and extraction of high quality gas and condensate. But critically the Roc-2 well projected our understanding of the basin into the realm of commercial potential with good volumes and a very strong flow rate. The currently drilling Phoenix South-2 well is targeting the combination of oil, gas and condensate and will be looking to improve on the current volume of discovered hydrocarbons. Progress to date has been quite remarkable, and as covered in this update, the broader volume potential within the current area of focus is truly significant by any NWS field measure. With the whole basin currently held by Carnarvon and its partner, further success will also enable the joint venture to consider the even greater potential that is within the basin and outside of the current area of focus.

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