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Solid oil estimates recorded for Carnarvon’s North West Shelf find

DeGolyer and MacNaughton were commissioned to assess the potential recoverable oil within the Phoenix 3D seismic area, which includes the Phoenix South-1 discovery and the Roc prospect, based on data provided by Apache.

Apache Energy made an oil discovery at the Phoenix South-1 well, located in the WA-435-P permit, in August 2014, signalling a potential new oil province for Australia.

“In the context of recent Australian oil discoveries, these estimates of recoverable oil within the Phoenix South and nearby structures are significant and great news in terms of our strategy of opening up an entirely new oil province on the North West Shelf,” Carnarvon Petroleum Managing Director Adrian Cook said.

“The Roc-1 well is a standout exploration opportunity given the best estimate prospective resource of 42 MMbbl of oil, which is definitely a commercially attractive proposition if confirmed, and a high 42 per cent chance of success.

“DeGolyer and MacNaughton also verified Apache’s initial oil in place estimate of up to 300 MMbbl for the Phoenix South structure alone, assessing 296 MMbbl of oil in place and 56 MMbbl recoverable in the high side case.”

Ongoing technical work is expected to refine the estimates range.

Meanwhile, Roc-1 is scheduled to commence drilling this year, along with further data acquisition to identify additional prospectivity in the region.

Joint venture partners in WA-435-P and WA-437-P are Apache Energy (operator, 40 per cent), Carnarvon Petroleum (20 per cent), JX Nippon (20 per cent) and Finder Exploration (20 per cent).

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