April 22, 2018 - 6:01 PM EDT
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Carnarvon Petroleum Limited (CVONF) Phoenix Project - Volumetric Strategy
Perth, Australia (ABN Newswire) - Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) provides the following update on its volume estimates within the Phoenix project ahead of, and for context in regard to, the drilling of the Phoenix South-3 well that has already commenced and the Dorado-1 well that is expected to commence next month.


- Phoenix project drilling has delineated 332 Bcf of gas and 27 mmbbls to date (gross, 2C basis)

- Phoenix South-3 and Dorado-1 wells in 2018 seeking to add 1.0 Tcf of gas and 88 mmbbls (gross, mean)

- Dorado-1 well has additional upside in secondary targets

- Multiple follow-up opportunities also exist for consideration in potential future drilling programs

To date the Phoenix project has made four discoveries from the four wells that have been drilled (being Phoenix South-1, Roc-1, Roc-2 and Phoenix South-2) by the current Joint Venture partners. The 2018 drilling program is aiming to build on the already discovered oil and gas resources and to assist in future decisions around optimising a commercial development.

The table in link below covers the gas and condensate and oil volumes that are now able to be classified as contingent resources, namely from the discovery wells to date.

The objective of the 2018 drilling program is to add to the above volumes and in doing so underpin progression to a commercial development.

The 2018 drilling program comprises the Phoenix South-3 well and Dorado-1 well. The volumes from either or both will materially improve the above volumes as presented in the following table (see link below).

The Dorado structure also has the potential to contain a number of additional targets beneath the Caley interval which could contain significant additional volumes of gas and condensate, albeit having a lower predicted chance of geological success. These volumes have been estimated by Carnarvon as per the table in link below.

One aspect that is particularly exciting about the Phoenix project is the potential to unlock further gas and condensate and oil through additional drilling. Targets already identified within comfortable tie back distance to a development around the Roc area include the Apus and Mensa prospects which are outlined in the table below (see link below).

In addition to the above, a large number of prospects and leads are continually being matured through ongoing technical work.

The Phoenix project has a number of key attractions, including its dual income stream potential from oil and gas, its proximity to infrastructure and its positioning in shallow water of approximately 100 metres. The latter substantially reducing the cost and complexity of a development, allowing for the aggregation of discoveries in the near vicinity.
Carnarvon Petroleum              20% 
Quadrant Energy (Operator)       80% 

To view tables, please visit:

About Carnarvon Petroleum Limited:

Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.


Carnarvon Petroleum Limited


Mr Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: [email protected]

Source: ABN/Asia Business Newswire (April 22, 2018 - 6:01 PM EDT)

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