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 well has been drilled down to a total depth of 5,290 metres measured depth and the rig is preparing to run wireline logging tools.
It is expected that wireline operations, including wireline formation testing, will be undertaken over the next seven to ten days.
During the deepening of the well over the past week several sands with positive indications of hydrocarbons were intersected in the deeper Milne sections of the well.
These will also be investigated with the more detailed formation evaluation provided for with wireline logging along with the shallower Caley sandstone where the company confirmed hydrocarbons previously.
While these deeper Milne sands are not interpreted to be commercially significant within the Roc structure in this well, the existence of reservoir and hydrocarbons at this depth are positive signals for the shallower and larger Dorado structure.
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.
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