Carnarvon Petroleum Limited has advised that the Phoenix South-1 well has drilled to a depth of 4,540 metres Measured Depth.
Drilling 40 metres below the 4,500 metres MD target was undertaken to enable logging tools to reach 4,500 metres. 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.
“The results from the logging based formation evaluation are required before we are able to be more definitive on the well results and further updates will be provided as soon as the relevant information is to hand,” the company stated in the press release.
The equity interest holders are: Carnarvon Petroleum 20%; Apache Energy(Operator) 40%; JX Nippon 20%; Finder Exploration 20%.