Ann: Roc-1 Condensate Rich Gas Discovery, page-2

It's gone very quiet around here. Any comments?
Highlights
 Condensate rich gas recovered to surface
 Condensate to gas ratio estimated at 20 to 40 barrels per million cubic feet of gas
 Reservoir quality permeability present from 4,380 metres to 4,420 metres
 Wireline log analysis confirms net 10 metres of hydrocarbon pay in the previously announced
reservoir interval
Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) provides the following update on drilling operations as
advised by the operator of the Roc-1 well, Quadrant Energy.
Condensate rich gas has been recovered from the well using wireline logging tools.
Wireline logging over the interval from 4,380 metres to 4,420 metres has confirmed reservoir quality sands
with net hydrocarbon interval of 10 metres from the gross 40 metre sand column.
Pressure testing has confirmed at least three discrete hydrocarbon columns in the section from 4,380 metres
to 4,420 metres.
Formation fluid sampling has confirmed a liquids rich gas with a condensate ratio of 20 to 40 barrels per million
cubic feet being evaluated at the rig site using downhole instruments. The fluid type will be confirmed in
laboratory testing once the sample bottles are dispatched from the rig.
Mobility observations during pressure testing indicate good quality reservoir with inferred permeability in the
range from 10 to 100 millidarcy.
Managing Director’s comments
Carnarvon’s Managing Director, Mr Adrian Cook in commenting on the discovery said “the information
obtained while drilling the Roc-1 well confirms a live hydrocarbon system in the area, with indications at this
early stage of evaluation that the condensate rich gas resides in reservoir capable of being recovered in a
conventional manner.
While the composition of the recovered hydrocarbons will need to be confirmed by laboratory tests, it appears
the condensate rich gas is different to the Phoenix South-1 oil that had a high gas content.
The Roc-1 discovery, together with the information from the Phoenix South-1 discovery last year and the
Phoenix-1 discovery in 1980, bodes well for this region and the broader prospectivity within the acreage held
by Carnarvon and its partners.
Overall the Roc-1 result is exciting and encouraging both in terms of the results for the Roc target and the
broader potential for the region given there is potential for both oil and condensate rich gas. The result also
Roc-1 Condensate Rich Gas Discovery
4 January 2016
demonstrates that we are in an exploratory phase in this region and more work is required before we fully
understand its potential.”