logo-loader
viewCarnarvon Petroleum Ltd

Carnarvon Petroleum Ltd and partner progress well on North West Shelf

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year. The well is required to delineate the extent of the Roc field.

au_carnarvon_petroleum_wa_multiple_discoveries_map_358_57b26822621da.jpg

Carnarvon Petroleum Ltd (ASX:CVN) and partner Quadrant Energy have provided an update on drilling operations of the Roc-2 well, located on Australia’s North West Shelf.

The North West Shelf is Australia’s most prolific oil and gas region.

Carnarvon holds a 20% interest, with Quadrant 80% (operator).

Since the last report the 17 ½” (445 mm) hole has been drilled to 3,433 metres measured depth, just below the Cossigny marker, and the well is in the process of setting the 13 ⅝” (346 mm) intermediate casing.


Forward Plan


Following the cementing of the 13 ⅝” casing, a further 850 metres of intermediate 12 ¼” (311 mm) hole will be drilled down to just above the primary Caley target, and a 9 ⅝” (245 mm) drilling liner will be placed across this open hole to enable the well to drill to its deeper targets.


Roc-2 well

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year.

The well is required to delineate the extent of the Roc field, calibrate reservoir parameters, understand reservoir deliverability and characterise fluid properties.


Drilling information

Carnarvon said that at around 3,250 metres measured depth, a 10 metre section of elevated gas readings and moderate fluorescence was observed across a sandstone interbed within the Upper Keraudren, consistent with residual hydrocarbons.

Slightly deeper in the well, from around 3,360 metres measured depth, elevated gas readings and minor fluorescence were observed in the Cossigny limestone.

This hydrocarbon fluorescence has regional interest because it is the first case of hydrocarbons migrating above and within the Cossigny, and increases the exploration potential of the area.

The Huxley and Barret formations are expected to be encountered in the 12 ¼” hole section.

The Barret sands were oil charged at Phoenix South-1 well and water wet at Roc-1 well.

In the Roc-1 well, hydrocarbon shows were observed in the Huxley sands and further data on this potential reservoir section will expand the exploration portfolio outside this well, particularly for prospects outside this area such as Bandy.

The primary target for the Roc-2 well is the Caley sands which were gas and condensate charged in Roc-1.

Carnarvon added that this zone is expected to be cored late August or early September 2016.

Due to the nature of these operations, no information will be available to the joint venture during the coring process, which is anticipated to take 5-10 days.


Funding

Carnarvon remains well-funded with A$87.7 million held in cash plus future receivable up to US$31.3 million and A$8 million well carry.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.145 AUD

ASX:CVN
Market: ASX
Market Cap: $226.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Carnarvon Petroleum Ltd named herein, including the promotion by the Company of Carnarvon Petroleum Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Carnarvon Petroleum Melbourne/Sydney Investor Luncheon Presentation

Carnarvon Petroleum Melbourne/Sydney Investor Luncheon Presentation

on 09/22/2015

3 min read