Carnarvon Petroleum (ASX:CVN) is entering one of the most exciting periods in the company's history as the high impact Roc-1 well is drilled on the North West Shelf.
This well follows up last years’ successful Phoenix South-1 oil discovery.
Quadrant Energy is the operator of the well (40%) interest, with Carnarvon (20% free-carried). Other partners are JX Nippon 20% and Finder Exploration 20%.
Carnarvon is very well-funded, with A$103 million in cash at the end of September 2015, with a market cap of circa $105 million.
Roc-1 well is located in WA-437-P, around 20 kilometres south-east of the 2014 Phoenix South-1 oil discovery, and around 150 kilometres north of Port Hedland.
Roc-1 well update
Quadrant Energy has advised that since the last report the 311 mm (12 ¼”) intermediate hole has been drilled down to 3,405 metres which completes this section of the well.
Currently, the well was in the process of setting the 244 mm (9 5/8”) casing.
Quadrant said that the next steps are expected to take up to one week to set and cement the 244 mm (9 5/8”) casing.
After this the well will drill the 216 mm (8 1/2”) reservoir section, equivalent to where the oil was discovered in the Phoenix South-1 well.
Key dates
The total depth is expected to be 4,700 metres in late-December 2015, and then the well will be suspended if successful.
The forward plan then includes in Q3, 2016, to re-enter well for extensive evaluation and testing.
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