Carnarvon Petroleum gives Phoenix South-3 drilling update

Progress

The 12-1/4" hole section has been completed down to 4619 m Measured Depth (MD).

Current Operations

Preparing the hole to run the 11-3/4" liner.

Forward Plan

Run the 11-3/4" liner before drilling the 10-5/8" hole from 4619 m MD to approximately 5160 m MD. Following this, a 9-5/8" casing will be set before the 8-1/2" hole section is drilled to the top of the primary Caley Member section, which is expected to be intersected at a depth of approximately 5360 m MD.

Well Objective

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 billion standard ft³ of gas and 57 million barrels of associated condensate (being 143 million 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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