Outtrim East-1 Well Oil Discovery
Monday 11 July 2016
Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) provides the following update on drilling operations as advised by the operator of the Outtrim East-1 well, Quadrant Energy.
Progress
Since the last report the well has completed the coring operation, drilled down to final depth of 1,441 metres, and completed a revised wireline logging program.
Forward Plan
This completes the Outtrim East-1 well drilling operations and the rig will leave the location shortly.
Rig site evaluation
As planned, a total of 91 metres of core was cut with close to 100% of the core being recovered to surface.
The core is now being transported to shore for evaluation at laboratories in Perth. The core evaluation is critical to determine the extent and quality of the net reservoir and estimate the in place and recoverable volumes in the Outtrim and Outtrim East structures.
The joint venture partners decided not to complete the full suite of logging activities, believing sufficient information has now been acquired to assess the well results to the extent planned.
As previously articulated, there will be a number of months of laboratory work necessary before we are able to compile and report on the results of the well.
However, early interpretation of fluorescence data indicates the well has discovered the presence ofhydrocarbons in the target interval.