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Carnarvon Petroleum Ltd's Adrian Cook 'extremely pleased' with Roc-2 results

Adrian Cook, managing director, commented: "We have successfully acquired core over the reservoir section and I’m happy to be in a position to confirm today that we’ve encountered hydrocarbons in good quality reservoir sands."

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Carnarvon Petroleum Ltd (ASX:CVN) has updated on drilling operations as advised by the operator of the Roc-2 well, Quadrant Energy.

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

The Roc-2 well has been designed to appraise and test the Roc-1 gas-condensate discovery revealed earlier in the year, and is located within the WA-437-P exploration permit in the North West Shelf.

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

Adrian Cook, managing director for Carnarvon, commented: "I am extremely pleased with the results of this well so far.

"We have successfully acquired core over the reservoir section and I’m happy to be in a position to confirm today that we’ve encountered hydrocarbons in good quality reservoir sands.

"The next stage of the program is to obtain and assess the logging and testing results which will take place after the current well deepening activity.

"Clearly there is some ways yet to go on this well but progress to date is very encouraging."


Results

The Roc-2 well has confirmed hydrocarbon bearing reservoir, in good quality rock, within the Caley section.

The results were confirmed during Logging While Drilling (LWD) which provides preliminary information during drilling operations.

The next stage of data acquisition will become available after wireline logging, which is planned to include pressure and fluid sampling tools.


Progress

Following the completion of the coring process the well has continued drilling the 8 ½” (216 mm) hole, including passing through the cored Caley sections with LWD tools for the first time.


Current Operations

The well is currently drilling ahead in the 8 ½” (216 mm) hole section at a depth of around 4,610 metres.


Forward Plan

The rig will continue to drill the 8 ½” (216 mm) hole to planned total depth of around 5,250 metres. Following the completion of drilling, anticipated to take around 2 weeks, an extensive logging and testing campaign will commence.


Funding


Carnarvon remains well-funded with A$87.7 million held in cash at the end of June 2016, plus future receivable up to US$31.3 million and A$8 million well carry.

 

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