Ann: Quarterly Report December 2015, page-4

Also important in this report:

The Roc-1 well was not designed to test for these deeper gas-condensate sands and accordingly the joint venture partners made the decision to conclude drilling without undertaking testing operations. In additional seismic analysis suggests the crest of the structure could be up to 90m updip to the northeast. There is a level of confidence that a significant section of the 134 metres gross sandstone package will be above the interpreted gas-water contact seen in the well and the accumulation has the potential to host a significant resource.

Work has already commenced into assessing the range of possible volumes involved and the degree to which they could be commercially exploited. The Company expects to have initial volume estimates in the current quarter.

Towards the bottom of the Roc-1 well, good oil shows were encountered in an additional Milne sandstone section. While the sands encountered were of relatively poor quality, there were encouraging signs that the well had encountered a Turbidite section. Not only is this encouraging for the Greater Phoenix area, it also has positive implications for Carnarvon’s other acreage in the Cerberus area.

Wow  ....this is a very encouraging report (IMHO).