Apache to Drill Phoenix South-1 Well in 2Q 2014 (Australia)

Carnarvon Petroleum Limited has been advised by Apache, the Operator of the WA-435-P permit, that the spud date for the Phoenix South-1 well is likely to be in the second quarter of calendar year 2014.

Apache to Drill Phoenix South-1 Well in 2Q 2014 (Australia)

Apache has advised the reason for the change in spud date is due to Apache’s operational timetable incorporating their other projects. Managing Director and Chief Executive Officer, Mr Adrian Cook said,
“While we understand that this timing might be disappointing for some shareholders, the moving of the spud date to later in the first half of this year significantly reduces the risk of cyclone activity
affecting the drilling of the Phoenix South-1 well, which then will reduce the likelihood of exceeding the recently increased well cap.”

Press Release, January 09, 2014




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