Carnarvon CEO: Encouraging results from Roc-1 well (Australia)

Quadrant Energy has completed drilling operations at it Roc-1 well, offshore W. Australia, and the rig has left the drilling location. The Roc-1 well is located in WA-437-P, approximately 20km south-east of the 2014 Phoenix South-1 oil discovery, and around 150km north of Port Hedland.

Carnarvon Petroleum, a partner in the field, has said that laboratory analysis of the gas recovered from the well has confirmed condensate rich gas.

“Important information from the initial analysis is the confirmation of a condensate to gas ratio at the top end of the range previously announced of 20 to 40 barrels per million cubic feet of gas,” the company said.

Carnarvon said it would advise the market on the expected range of recoverable volumes of gas and condensate within the next six weeks.

As for the potential second well, the Roc-2, Carnarvon said that, appreciating the Roc-1 well has just completed and data from the well needs to be properly assessed, a decision on the timing and location of the Roc-2 well has not yet been considered by the joint venture.

“This will be done in due course and will be subject to joint venture and government approvals and rig availability,” the company added.

Carnarvon’s Managing Director, Adrian Cook said: “On behalf of the Carnarvon board and management I extend our appreciation to the Quadrant Energy team for their efforts in successfully executing these drilling operations in a safe, timely and cost effective manner.

I’m becoming increasingly encouraged by the initial well results that we’ve seen to date, particularly the new information pointing to a strong condensate to gas ratio. Whilst significant work will be undertaken in the coming months, a key priority will be to complete an estimate of the recoverable volumes involved, a process that is currently underway.”