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 120 metres of core has successfully been taken from around 4,290 metres to 4,410 metres as planned.
The well is in the process extracting the coring assembly at a controlled rate for maximum core preservation.
Carnarvon expects to be in a position to report on whether the target Caley formations are hydrocarbon bearing, and the extent of any reservoir sands intersected, after completion of a drilling wiper trip with logging-while-drilling tools across the cored section before the rig continues to drill ahead.
Forward plan
Following the extraction of the core from the well bore, the rig will prepare the 8 ½” (216 mm) drilling assembly and continue to drill to planned total depth of around 5,250 metres.
The 8 ½” drilling assembly includes logging-while-drilling tools.
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 receivables up to US$31.3 million and A$8 million well carry.
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