Phoenix South-3 Drilling Update
The well has completed the wireline evaluation program through the Caley Member.
Hydrocarbons were observed from around 5,173 metres Measured Depth ("MD") down to the lowest closing contour at around 5,304 metres MD within the Caley interval. This range indicates a significant gross column of hydrocarbons of 131 metres were encountered in the well. Since the well was targeting the Caley Member some 80 metres below the crest of the structure there is potential for a larger overall hydrocarbon column.
The net reservoir from wireline logging was interpreted by Carnarvon to be around 16 metres with an average porosity of 8%. The sampling program was unable to extract hydrocarbons and hence determine the exact nature of the fluids encountered. The results from wireline logging, including the sampling program, indicate the permeabilities are in the lower end of the range of expectations and evaluation of the reservoir core samples extracted are required to determine if the reservoir is capable of flowing at commercial rates. Analysis of these cores are expected to take a number of months as will the assessment of any contingent resources.
The rig is in the process of finalising well operations and following which the drilling rig will be released.
Project equity Owners (WA-435-P): ------------------------------------------------------ Carnarvon Petroleum 20% Quadrant Energy (Operator) 80%
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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