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Apache Spuds Phoenix South-1 Off Western Australia

|Includes: Apache Corporation (APA), CVONF

Carnarvon Petroleum announced that Apache has spud Phoenix South-1 well, located in WA-435-P Permit, off Western Australia. The well is being drilled by Atwood Eagle semi-submersible rig to a total depth of 4,500m and is expected to take about 60-70 days.

Phoenix South-1 well is located on the border of WA-435-P and WA-437-P, which together cover about 28,000 sq km of contiguous acreage. The primary target of the well is the interbedded sandstones, siltstones and claystones of the Early to Middle Triassic Lower Keraudren Formation and underlying Locker Shale, commencing at an approximate depth of 3,600m.

WA-435-P ownership: Apache (40%, operator), Carnarvon (20%), JX Nippon (20%) and Finder Exploration (20%).

In Nov-2013, Buru Energy and Mitsubishi Corporation signed up Apache Energy as a farm-in partner in their joint venture in the Canning Basin, Western Australia.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.