Carnarvon Petroleum (ASX:CVN) expects to spud in early to mid-November the much awaited Roc-1 well that targets 42 million barrels of oil in the North West Shelf off Western Australia.
Drilling will be carried by Quadrant Energy – a consortium between Brookfield Asset Management (NYSE:BAM) and Macquarie Capital (ASX:MQG) – and JX Nippon to US$70 million.
Quadrant, the operator of WA-437-P, contracted the Noble Tom Prosser jack-up drilling rig to drill the Roc-1 well.
The newbuild rig sailed from Singapore on 11th September and is expected to arrive at Dampier between 19th and 21st September.
It will drill a well for Vermillion Energy at the Wandoo oil field before moving to drill the Roc-1 well.
Drilling of the Roc-1 well is estimated to take around 50 to 60 days to complete.
Other Activity
Carnarvon and its partners are also continuing to assess the Phoenix South-1 oil discovery that was made in 2014, which opened up the prospectivity of an entirely new hydrocarbon province in Australia and identified a new play concept in the North West Shelf.
This has best estimate resources of 19 million barrels of oil.
Additional data is being acquired and the total 3D seismic set is expected to cover about 45% of Carnarvon’s acreage holding by the end of this year.
Planning is also underway for the drilling of additional appraisal wells in late 2016 to follow the success of Roc-1.
Carnarvon Petroleum presenting in Sydney and Melbourne
REGISTER TODAY by clicking on the links below:
Melbourne Investor Luncheon, Tuesday 22nd September.
Sydney Investor Luncheon, Wednesday 23rd September.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.