Carnarvon Petroleum Limited (ASX:CVN) and joint venture partner, Quadrant Energy, are approaching the drilling of the Phoenix South-3 well.
In 2017, the Development Driller-1 (DD-1) drilling rig was contracted to drill the Phoenix South-3 well.
The rig commenced its tow to the well location from the northern hemisphere and has now reached port in South Africa for its planned maintenance.
Once maintenance work is complete, the rig will then be towed to the Phoenix South-3 location offshore Western Australia.
Phoenix South-3 objective is to evaluate the Phoenix South-2 discovery
The Phoenix South-3 well has been designed to evaluate the gas and condensate discovered in the Phoenix South-2 well.
Phoenix South-3 will be located some 560 metres north-northeast of the Phoenix South-2 well.
The joint ventures partners have a number of options under consideration for potential development of the Phoenix project resources.
READ: Carnarvon Petroleum eyes potential for gas on the North West Shelf
The Phoenix South Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 billion standard cubic feet of gas and 57 million barrels of associated condensate.
This is the equivalent of 143 million barrels of oil, gross, Pmean.