Carnarvon Petroleum (ASX:CVN) has provided an update on drilling operations as advised by the operator of the Phoenix South-2 well, Quadrant Energy, with drilling nearing the primary target.
Quadrant is the operator and holds 80%, with Carnarvon 20%.
The Phoenix South-2 well is located within the WA-435-P exploration permit in the North West Shelf of Australia.
Progress
The rig has completed operations to set and cement the 9 5/8” liner and has commenced drilling ahead to the Caley sandstone formation target.
Current Operations
The well is currently drilling ahead in the Hove formation at around 4,840 metres measure depth.
Primary Target
The primary target for the Phoenix South-2 well, the Caley Sandstone targeting the same gas-condensate that flowed at prolific rates in the nearby Roc-2 well, has an estimated gross mean prospective resource of 470 Bscf of gas and 25 million barrels of condensate.
The equivalent reservoir flowed at an equipment constrained rate of around 50 million standard cubic feet per day of gas and 3,000 barrels per day of condensate (11,500 barrels of oil equivalent per day) from a vertical section of around 35 metres in the Roc-2 well.
Forward Plan
The rig is expected to take around 2-3 weeks to drill the final section of the well to a measured depth of around 5,500 metres and evaluate the Caley reservoir section with wireline logging tools.