Quadrant is the operator and holds 80%, with Carnarvon 20%.
The drilling rig has moved off location, following the discovery of gas and condensate as predicted near the top of the primary Caley target.
The higher formation pressures encountered typically support both larger volumes and higher gas and condensate flows rates over a given reservoir.
An update on volume estimates will be provided once Carnarvon has had an opportunity to assess all of the information obtained from the well.
These results are expected to have a positive impact on volumes assessments in the Phoenix South Caley Sandstone.
The joint venture will also assess the results of this well for the purpose of considering the future operations in this area, including quantifying the resources identified in the Phoenix South Barret and Caley Sandstone formations.