Quadrant Energy confirmed presence of condensate-rich gas after completing a wireline logging program of the Roc-1 well, offshore Western Australia.
Partner Carnarvon Petroleum said initial analysis showed condensate to gas ratio at the top end of the range of 20-40 bbl per Mcm. The joint venture (JV) will be in a position to advise the market on the expected range of recoverable volumes within the next six weeks.
The Roc-1 well in WA-437-P is approximately 20km southeast of the 2014 Phoenix South-1 oil discovery and around 150km north of Port Hedland.
A decision on the timing and location of the Roc-2 well has not yet been considered, and this will be done in due course subject to JV and government approvals and rig availability.
While the cost for the Roc-1 well was on budget, under previous farm-out agreements, in exchange for equity in the permits, Carnarvon said it bore no cost for this well. There remains a carry contribution towards any further drilling or testing in the WA-437-P permit of approximately US$20.6-$27.5 million (AU$30-$40 million).
“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,” Carnarvon managing director, Adrian Cook said.
“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,” he said.
Quadrant is the operator of WA-437-P with 40% interest. Partners include Carnarvon (20%), JX Nippon (20%) and Finder Exploration (20%).
Image: Roc-1 was drilled using the Noble Tom Prosser drilling rig / Carnarvon
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