Carnarvon Petroleum Ltd (ASX:CVN) has provided an update on drilling operations as advised by the operator of the Phoenix South-2 well, Quadrant Energy.
Quadrant is the operator and holds 80%, with Carnarvon 20%.
Phoenix South-2 will be drilled down to a total depth of around 5,500 metres, and is located around 2 kilometres east of the Phoenix South-1 oil discovery well.
The well is located 160 kilometres north-east of Port Hedland in the Bedout sub-basin of the greater Roebuck basin of Western Australia.
Progress
The well has drilled to around 3,700 metres measured depth in 17 ½” (445 mm) hole.
Current Operations
The well is currently setting the 13 5/8” (346mm) casing.
Forward Plan
Once the 13 5/8” (346mm) casing has been set and cemented in place, the well will commence drilling the 12 ¼” (311 mm) hole section.
The rig is expected to take around 3 weeks to set the 13 5/8” casing, drill the 12 ¼” hole to a measured depth of approximately 4,700 metres and evaluate the Barret reservoir section with wireline logging tools.
The Caley sandstone is expected to be encountered in the final 8 ½” hole section which will follow the evaluation of the Barret formation and setting of 9 5/8” casing.
Well-funded
Carnarvon is well-funded with $65 million in cash at the end of September 2016.