ROHSTOFF INTERNATIONAL

0:00 | 13.08.2018
Carnarvon Petroleum Limited (ASX:CVN) Phoenix South-3 Drilling Update

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Phoenix South-3 (“PS-3”) well.

Progress

The well has completed the wireline evaluation program through the Caley Member.

Hydrocarbons were observed from around 5,173 metres Measured Depth (“MD”) down to the lowest closing contour at around 5,304 metres MD within the Caley interval. This range indicates a significant gross column of hydrocarbons of 131 metres were encountered in the well. Since the well was targeting the Caley Member some 80 metres below the crest of the structure there is potential for a larger overall hydrocarbon column.

The net reservoir from wireline logging was interpreted by Carnarvon to be around 16 metres with an average porosity of 8%. The sampling program was unable to extract hydrocarbons and hence determine the exact nature of the fluids encountered. The results from wireline logging, including the sampling program, indicate the permeabilities are in the lower end of the range of expectations and evaluation of the reservoir core samples extracted are required to determine if the reservoir is capable of flowing at commercial rates. Analysis of these cores are expected to take a number of months as will the assessment of any contingent resources.

Current Operations

The rig is in the process of finalising well operations and following which the drilling rig will be released.

Project equity Owners (WA-435-P):
——————————————————
Carnarvon Petroleum 20%

Quadrant Energy (Operator) 80%

To view figures, please visit:
http://abnnewswire.net/lnk/Z6190987

About Carnarvon Petroleum Limited:

Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company’s near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.

Contact:
Investor inquiries:
Thomson Naude
Company Secretary
Phone: +61-8-9321-2665
Email: investor.relations@cvn.com.au

Media inquiries:
Luke Derbyshire
Managing Director, Spoke Corporate
Phone: +61-488-664-246
Email: luke@spokecorporate.com

Source:

Carnarvon Petroleum Limited

Copyright (C) 2018 ABN Newswire. All rights reserved.


NEWSLETTER

Abonnieren Sie jetzt unseren
aktuellen Newsletter

WIRTSCHAFTSNACHRICHTEN

14:17 Uhr | 18.10.2018
ROUNDUP: Schaden durch ...


14:11 Uhr | 18.10.2018
ROUNDUP: Koalition verteidigt ...


13:50 Uhr | 18.10.2018
Sixt profitiert vom brummenden ...


13:37 Uhr | 18.10.2018
Heil verteidigt Gesetz für ...


13:32 Uhr | 18.10.2018
US-Versicherer Travelers verdient ...