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Home Fossil Energy Well logging begins at Phoenix South-1 (Australia)

Well logging begins at Phoenix South-1 (Australia)

August 11, 2014

Carnarvon Petroleum Limited has informed that the Phoenix South-1 well, offshore W. Australia has drilled to a depth of 4,540 metres Measured Depth (“MD”).

Elevated gas readings at Phoenix South-1 well

Drilling 40 metres below the 4,500 metres MD target was undertaken to enable logging tools to reach 4,500 metres.
Apache, the operator, is currently running wireline formation evaluation tools. These operations are expected to continue for a further 5 to 7 days.
Once these operations are complete the Joint Venture will make a decision whether to drill deeper.

Throughout the interval from approximately 4,170 metres MD to 4,540 metres MD, a number of sandstone intervals were encountered. Elevated gas readings and indications of associated liquid hydrocarbons were observed coincident with these sandstone intervals.

Carnarvon has said that the results from the logging based formation evaluation are required before the company is able to be more definitive on the well results and further updates will be provided as soon as the relevant information is available.

The equity interest holders (upon satisfaction of the farm-in agreement terms) are: Carnarvon Petroleum 20%; Apache Energy (Operator) 40%; JX Nippon 20%; Finder Exploration 20%.

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Press Release, August 11, 2014