PS-2, in WA-435-P, encountered a 39-m thick hydrocarbon-bearing zone with significant gas influx and elevated reservoir pore pressure at or near the Caley formation primary target.
However, the group was unable to assess up to 185 m thickness of additional potential hydrocarbon-bearing Caley reservoir below a 5,215-m well depth because of the higher-than-anticipated pressures.
The Phoenix South structure Calley reservoir is estimated to contain a gross mean recoverable prospective resource of 489 bcf and 57 million bbl of associated condensate. The condensate-to-gas ratio is high and adds value to the prospect.
In addition, the original Phoenix South-1 discovery well found oil in the stratigraphically higher Barret sandstone.
The JV says the primary objective of PS-3 will be to specifically evaluate the Calley interval that PS-2 was unable to fully penetrate and test.
The new well will be drilled with a semisubmersible drilling rig and tenders will be released within the next few weeks.
In the nearby Roc discovery, the JV has commenced pre-front-end engineering and design work, including detailed reservoir modelling, to determine the most appropriate development concept. The northern extent of the Roc reservoir will be a primary focus to provide greater certainty of the gas-condensate resource and reclassification of volumes into the proven category ahead of a final investment decision.
All the development scenarios being considered include options for tie-back of future discoveries and appraisal successes. These include the potentially larger Phoenix South field and the Dorado prospect.
Quadrant is operator with 80%. Carnarvon holds the remaining interest.