0058 GMT [Dow Jones] Just how much oil can be recovered from the...

0058 GMT [Dow Jones] Just how much oil can be recovered from the Phoenix South field offshore Western Australia? On Monday, Apache Corp. (APA) said the Phoenix South-1 well had found as much as 300 million barrels of oil in place in the Canning Basin, which would rank it as one of Australia's biggest discoveries in decades. Macquarie thinks only 30% of these barrels may be recoverable, citing low permeability sandstones found by BP (BP.LN) when drilling in 1982. "While development options are still being considered, an oil project will likely have substantially lower capital intensive compared to an upstream gas development and is likely to be commercialized in a much shorter time frame," Macquarie notes. Shares in Carnavon Petroleum (CVN.AU), which owns 20% of Phoenix South, tripled Monday and Macquarie expects the stock to keep outperforming. It doubles Carnavon's price target to A$0.30/share. CVN last traded at A$0.27. ([email protected]; @dwinningWSJ)