Carnarvon Petroleum Limited has informed that the Phoenix South-1 well, offshore W. Australia has drilled to a depth of 4,540 metres Measured Depth (“MD”).
Throughout the interval from approximately 4,170 metres MD to 4,540 metres MD, a number of sandstone intervals were encountered. Elevated gas readings and indications of associated liquid hydrocarbons were observed coincident with these sandstone intervals.
Carnarvon has said that the results from the logging based formation evaluation are required before the company is able to be more definitive on the well results and further updates will be provided as soon as the relevant information is available.
The equity interest holders (upon satisfaction of the farm-in agreement terms) are: Carnarvon Petroleum 20%; Apache Energy (Operator) 40%; JX Nippon 20%; Finder Exploration 20%.