Carnarvon Petroleum Limited (ASX:CVN) expects drilling will start at the Phoenix South-3 well on Western Australia's North West Shelf shortly with the rig now at the site.
The GSF Development Driller-1 semi-submersible drilling rig will be anchored in place and ballasted over the next few days.
Phoenix South-3 joint venture partner and project operator Quadrant Energy expects to start drilling around April 10.
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The objective of the well is to assess gas and condensate discovered at the top of the Caley interval in the 2017 Phoenix South-2 well.
It will be 560 metres from the Phoenix South-2 well and has been constructed to specifically allow for evaluation of this interval.
Quadrant is targeting an estimated gross mean recoverable prospective resource of 489 million standard cubic feet of gas and 57 million barrels of gas condensate.
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Carnarvon has a 20% stake in Phoenix South-3 as well as in the Dorado-1 well, where drilling is expected to start in May.
The company is cashed up for its accelerated exploration program, having finished the December 2017 quarter with nearly $50 million in net cash.