Carnarvon Petroleum provides Phoenix South-3 drilling update
Thursday, Jun 14, 2018
Carnarvon Petroleum Limited is pleased to provide the following update on the drilling of the Phoenix South-3 well.


Since the last update, the 11-3/4" liner has been set down to 4,619 metres Measured Depth ("MD").

Current Operations

Drilling of the 10-5/8" hole has commenced with current drilling operations at 4,634 metres MD.

Forward Plan

Drill the 10-5/8" hole from 4,619 metres MD to approximately 5,160 metres 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 5,360 metres 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 metres 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) - Refer to ASX Announcement on 23 April 2018.

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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