Carnarvon updates resources offshore Western Australia

Carnarvon Petroleum Ltd., Perth, has updated its estimated 2C contingent resources for the area around the Roc, Phoenix, and Phoenix South gas-condensate discoveries off northwest Western Australia.

The company, which has a 20% interest in the relevant WA-435-P and WA-437-P permits, has estimated gross 2C contingent resources of 332 bcf of gas, 20 million bbl of condensate, and 31 million bbl of light oil.

It adds that the Caley and Barret reservoir formations have prospective resources of 1.5 tcf of gas, 86 million bbld of condensate, and 121 million bbl of light oil. There also are additional prospective resources in the Milne and Hove reservoirs at Phoenix South and the yet-to-be drilled Dorado prospect, although they have lower geological chance of success compared with the Caley and Barret estimates.

The estimates contain geological and commercial risks that will require further exploratory and appraisal drilling to confirm and unlock. Nevertheless the discovered 2C resources are close to minimum economic levels and have encouraged the partnership, led by fellow Perth firm Quadrant Energy Ltd. with 80% interest, to continue the appraisal work.

Phoenix South-2 spudded at the end of October and is programmed to appraise oil in the Barret sandstone and explore the Caley sandstone. The well also will evaluate the potential of the Hove formation.

Phoenix South-1 found light oil in late 2014. Roc-1 and Roc-2 were successful wells drilled this year.

The discoveries are contained within the Bedout subbasin offshore Western Australia 160 km north of Port Hedland. Quadrant and Carnarvon hold permits over the entire basin that will enable the partnership to evaluate potential outside the current area of focus at a later stage.

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