Past year: ▲ 4%(8.60c – 13.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2018drilling progress report▲ Good
Phoenix South-3 drilled to ~5,393 m MD through the Caley; logging-while-drilling showed porous sandstones with elevated gas and resistivity at ~5,200-5,300 m, indicating hydrocarbons. Wireline logging is next to confirm fluids and reservoir quality. Early positive sign, not yet confirmed.
8 Aug 2018drilling result▲ GoodMajor
Wireline logging at Dorado-1 found more light oil in the Crespin (22 m net) and Milne (18 m net) Members, lifting total net hydrocarbon pay to 132 m across four zones. Adds to the July Caley oil discovery; volume estimate to follow.
3 Aug 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) has set its 7-5/8in liner at ~5,205 m MD and is drilling ahead at ~5,210 m, expecting the Caley. It will go to ~5,500 m, with slower controlled drilling because PS-2 could not fully evaluate the Caley. No result yet.
31 July 2018drilling progress report▲ Good
Dorado-1 has set its 7in liner at ~4,044 m MD and drilled to ~4,620 m. Crespin and Milne sandstones show elevated gas and resistivity, indicating hydrocarbons. Total depth is raised to ~4,650 m, followed by wireline logging.
24 July 2018drilling result▲ Good
More wireline work confirmed Dorado-1's ~80 m net Caley oil column and found 10.5 m net pay of gas and condensate at the top of the Baxter, a separate stacked column. The Baxter result is interim, and drilling continues to ~4,550 m.
24 July 2018drilling progress report● Neutral
Phoenix South-3 has set 9-5/8in casing at ~5,165 m MD and drilled to ~5,208 m, with results consistent with PS-2. It is preparing a 7-5/8in liner, then 6-1/8in hole to ~5,500 m, with slower controlled drilling through the reservoir. No Caley result yet.
18 July 2018drilling result▲ GoodMajor
Dorado-1 found a significant oil discovery in the Caley: 79.6 m net pay in a 96.1 m column, light 49.6° API oil, no water contact. This was previously expected as gas-condensate; a revised contingent oil resource is promised after drilling. Baxter sands also hydrocarbon-bearing.
13 July 2018drilling progress report● Neutral
Re-release of the 12 July Dorado-1 update (same text, still dated 12 July): hydrocarbon indications in the Caley from logging-while-drilling, drilling at ~3,990 m MD. No new information.
12 July 2018drilling progress report▲ Good
Dorado-1 logging-while-drilling showed sandstones with elevated gas readings and higher resistivity from ~3,853 to 3,947 m MD in the Caley, indicating hydrocarbons. Definitive results need wireline logging. Early encouraging sign; the well continues to ~4,575 m.
9 July 2018drilling progress report● Neutral
Dorado-1 has set its 9-5/8in liner at about 3,637 m MD and is drilling 8-1/2in hole at ~3,640 m. The Caley is expected before about 4,050 m MD. No hydrocarbon results yet.
29 June 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) is at 5,041 m MD, slower than planned due to inspection and maintenance and slow drilling through the seal rock. Caley now expected near 5,183 m MD, earlier than the ~5,360 m guided. Formations are close to prognosis and similar to PS-2.
22 June 2018drilling progress report● Neutral
Dorado-1 (CVN 20%) has drilled 12-1/4in hole to about 3,637 m MD; next it will run the 9-5/8in liner and drill 8-1/2in hole into the Caley target. Caley top was previously expected near 3,800 m. No hydrocarbon results yet.
15 June 2018drilling progress report● Neutral
Dorado-1 has set 13-3/8-inch casing at 1,162 m MD and is drilling 12.25-inch hole at about 1,250 m. The Caley top is expected near 3,800 m MD. No hydrocarbon results yet.
14 June 2018drilling progress report● Neutral
Phoenix South-3 has set the 11-3/4-inch liner at 4,619 m MD and is drilling 10-5/8-inch hole at 4,634 m. Caley top still expected near 5,360 m MD. No new results.
5 June 2018drilling spud▲ GoodMajor
Dorado-1 (CVN 20%, operator Quadrant) has started drilling, with the 30-inch casing set and 17.5-inch hole next. It targets the Caley at 545 Bscf plus 30 MMbbl condensate (125 MMboe Pmean), under 20 km from the Roc wells.
31 May 2018drilling progress report● Neutral
Phoenix South-3 has drilled to 4,619 m MD and is preparing to run the 11-3/4-inch liner. Caley top still expected at about 5,360 m MD. No new results.
28 May 2018drilling progress report● Neutral
Phoenix South-3 is drilling at 4,352 m MD after setting 13 5/8-inch casing. The Caley depth is now expected at about 5,360 m MD (previously ~5,300 m). No hydrocarbon results yet.
23 May 2018drilling progress report● Neutral
The Ensco-107 rig is near the Dorado-1 site, waiting for swell to ease before moving on location, at no cost to Carnarvon. Spud is therefore not yet under way, against the before-end-May plan. Phoenix South-3 is setting casing at 3,733 m.
17 May 2018drilling progress report● Neutral
Phoenix South-3 reached 3,733 m MD in 17.5-inch hole and is setting 13 5/8-inch casing. Caley target still expected near 5,300 m. No new results.
11 May 2018drilling progress report● Neutral
Phoenix South-3 (CVN 20%) is drilling the 17.5-inch hole at 3,114 m MD after setting 20-inch casing. The Caley target is expected at about 5,300 m. No hydrocarbon results yet.
30 Apr 2018drilling scheduled● Neutral
The Ensco-107 jack-up has left Singapore for Dorado-1, due on location mid May with drilling before end May. Well now expected to take about 60 days (earlier ~45), reaching the Caley top in about 35 days. Caley target is 545 Bscf plus 30 MMbbl condensate (125 MMboe, Pmean).
26 Apr 2018drilling progress report● Neutral
Phoenix South-3 has been drilled to about 1,500 m MD and is running 20-inch casing, with 17.5-inch hole next. No hydrocarbon results yet; the Caley target (489 Bscf plus 57 MMbbl condensate prospective) is still ahead.
23 Apr 2018resource reserve update● Neutral
Carnarvon states Phoenix drilling to date has delineated 332 Bcf gas and 27 MMbbl (gross, 2C). Phoenix South-3 and Dorado-1 are seeking to add 1.0 Tcf gas and 88 MMbbl (gross, mean). Mostly restates and reframes existing estimates ahead of the wells; no new drilling result.
17 Apr 2018drilling spud▲ GoodMajor
Drilling has started at Phoenix South-3 (CVN 20%, operator Quadrant), the rig having drilled the 42-inch hole to about 240 m. It targets the Caley gas-condensate (143 MMboe Pmean prospective) found in Phoenix South-2. About 90 days to roughly 5,500 m; no flow test planned.
4 Apr 2018drilling progress report● Neutral
The Development Driller-1 rig has arrived at the Phoenix South-3 location and will be anchored and ballasted over the next few days before drilling starts. Spud not yet announced.
29 Mar 2018drilling scheduled● Neutral
Cyclone Marcus has delayed the Phoenix South-3 rig slightly: arrival is now around 5 April and spud around 10 April 2018. Further slip from the late-March arrival previously advised; target volumes are unchanged.
8 Mar 2018drilling scheduled● Neutral
The Phoenix South-3 rig is slightly behind schedule, now expected on location in late March and ready to drill in early April, rather than the March start planned. Target is unchanged: 489 Bscf gas and 57 MMbbl condensate prospective, about 560 m from Phoenix South-2.
7 Feb 2018resource reserve update▲ GoodMajor
Carnarvon raised the Labyrinth (WA-521-P, 100% CVN) prospective resource after new petrophysical work, to over 1.5 billion barrels unrisked Pmean across eight prospects, led by the renamed Ivory prospect at over 420 MMbbl. Chance of discovery is 13-18% per prospect, and 3D seismic is expected to refine drilling locations.
1 Feb 2018drilling progress report● Neutral
The Phoenix South-3 rig (Development Driller-1) has reached South Africa for scheduled maintenance before heading to the well site. The well will test the Caley gas-condensate found in Phoenix South-2 (489 Bscf gas, 57 MMbbl condensate prospective). Roc is noted as at the minimum economic field size.
22 Jan 2018drilling result● NeutralMajor
Woodside's Swell-1, next to Belgravia (CVN 28.5%), found about 450 m of gas in tight reservoir, not currently commercial. This resolves the awaited test: it shows a working Triassic system, and Belgravia is about 650 m shallower, so reservoir may be better. Further work is needed.
