Carnarvon Petroleum Ltd (ASX:CVN) has been advised by the operator of the Roc-2 well, Quadrant Energy, that condensate rich gas samples have been extracted from the well at several locations.
Carnarvon holds a 20% interest, with Quadrant 80% (operator).
Since the last report the full suite of wireline logs have been acquired, which have a higher resolution than the previously acquired logs, allowing for delineation of net and gross reservoir within the well.
Wireline pressure data has also been acquired, allowing for interpretation of potential gas-water contacts.
A forward plan is in place to flow test the well.
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.
Recent highlights within the Caley formation at Roc-2 include:
- Condensate rich gas samples extracted from the well at several locations;
- 30 metres of net reservoir interpreted from wireline data;
- 60 metres of gross gas and condensate charged sands intersected; and
- Excellent quality (100 to 350 millidarcy) reservoir calculated from downhole sampling rates.
Condensate rich gas sampled
Following the successful wireline operations, Carnarvon can confirm the presence of a high quality reservoir within the Caley section of the Roc-2 well, which is almost fully saturated with gas condensate.
Porosities of up to 15% were observed with an average around 9%, which is an excellent result for reservoir at this depth and meets pre-drill expectations.
Condensate rich gas was sampled from a number of locations, and the rig estimate of liquid content within the gas is similar to that of Roc-1 at around 50-60 barrels of condensate per million standard cubic feet of gas.
The rate at which the gas was extracted for sampling was significant, indicating high permeability sands with permeabilities calculated to be 100 to 350 millidarcy (mD), similar to the results from the core analysis of Roc-1 which had sands of 300 to 500 mD.
The thickness of the sands, the high quality of the net sands, the high gas saturation and the depth of the contact mean the well warrants being flow tested.
New data suggests separate structures
Pressure data obtained from the wireline logs did not correlate with the Roc-1 data meaning that Roc-1 and Roc-2 are likely to be separate structures in all or some of the sands, but they are still located within the same greater structural closure.
Forward plan
The rig is in the process of completing the wireline coring operations before running the 7 inch liner, expected to take around six days, in preparation for flow testing the well.
Following the installation of the liner, it will take an additional 10 days to prepare the surface equipment and install the necessary tubing and appropriate valves in the wellbore necessary for the well testing.
The well will then be perforated across the uppermost 35 metre sand interval and the well opened for a controlled flow test over a period of about a week.
The company expects to be in a position to report on the well testing results in around three weeks.
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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