Carnarvon Petroleum (ASX:CVN) has received an update on Roc-1 well by the operator Quadrant Energy.
The Roc-1 well is located in WA-437-P, 20 kilometres south-east of the 2014 Phoenix South-1 oil discovery, and around 150 kilometres north of Port Hedland.
The 216 mm (8 ½”) hole has drilled from a depth of 4,000 metres to around 4,435 metres.
The progress report said that while drilling through the top section, equivalent to where the oil was discovered in Phoenix South-1, a number of sandstone intervals were intersected.
Interpretations from recording while drilling indicated sands of better reservoir quality than observed at Phoenix South-1, albeit with a more muted gas and hydrocarbon response.
Higher levels of C1 through to C5 (gas and oil indicators) have been observed to date in the current section of the well with Total gas readings across an approximate 25 metre clean sandstone of equal magnitude to the levels achieved while drilling through the reservoir sections at the nearby Phoenix South-1 well.
Currently, the rig was tripping out the hole in preparation to change the drill bit.
The forward plan is to drill ahead as scheduled to a Total Depth of 4,750 metres (subject to hole conditions) at which time a full suite of wireline logs will be acquired.
Equity holders
Quadrant Energy (40%) is operator, Carnarvon holds 20%, with JX Nippon 20% and Finder Exploration 20%.
Spudding of the well has been carried to US$70 million by Quadrant and 20% partner JX Nippon.
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