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