The well is the first drilled by Carnarvon and project operator Quadrant Energy at the Phoenix project offshore Western Australia seeking gas and condensate.
It is targeting a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 143 million barrels of oil equivalent.
Evaluating the Caley Member section
The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member section.
It is 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.
Earlier this month Carnarvon commenced drilling the Dorado-1 well targeting gas and liquids in the Canning Basin offshore Western Australia.
The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member interval by drilling down about 1,175 metres.
The well is less than 20 kilometres from and updip of the successful Roc-1 and Roc-2 wells.