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Carnarvon Petroleum intersects porous sandstone in Phoenix South-3 well

This is one of two wells being drilled within the Canning Basin offshore Western Australia.
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Shares in the company have more than quadrupled since the beginning of July 2018

Carnarvon Petroleum Ltd (ASX:CVN) has drilled the offshore Phoenix South-3 well from around 5,210 metres to around 5,393 metres measured depth through the Caley Member.

While drilling through the Caley Member, a number of sandstone intervals were encountered from 5,200 metres to 5,300 metres that were interpreted to be porous.

Elevated gas readings and increased resistivity were observed across these sandstone intervals that indicate the presence of hydrocarbons.

Wireline logging to be undertaken

The positive observations in this section of the well now warrant wireline logging which will be undertaken from 5,200 metres o 5,393 metres.

The aim is to obtain more definitive results regarding the nature of the hydrocarbons (oil, gas and condensate) and the characteristics of the reservoir within the 5,200-5,300 metre zone.

READ: Carnarvon Petroleum shares surge following additional oil discoveries

The Phoenix South-3 well is one of two offshore wells being drilled by project partner and operator Quadrant Energy.

Recent discoveries at the nearby Dorado-1 well have sent the Carnarvon share price soaring, last trading at 63 cents.

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