Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.
Carnarvon holds a 20% interest, with Quadrant 80% (operator).
Since the last report the 12 ¼” (311 mm) hole has been drilled to 4,057 metres measured depth, just within the Hove.
The well is in the process of setting the 9 ⅝” (245 mm) casing liner.
Carnarvon noted that well results to date are similar in nature to those observed when drilling the same formations in the Roc-1 well.
The company added that due to the nature of coring operations, no information will be available to the joint venture during the coring process.
Carnarvon said that it expects to be in a position to report on whether the target formations are hydrocarbon-bearing, and the extent of any reservoir sands intersected, after completion of a drilling wiper trip with Logging While Drilling tools at the completion of the coring process.
Forward Plan
Following the setting and cementing of the 9 ⅝” (245 mm) liner, a further 200 metres of 8 ½” (216mm) hole will be drilled through the Hove to just above the primary Caley target.
It is planned to acquire around 120 metres of whole bore core across the Caley member before continuing drilling to planned total depth of around 5,250 metres.
Roc-2 well
The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.
The North West Shelf is Australia’s most prolific oil and gas region.
The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.
Funding
Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.