Carnarvon Petroleum Limited advise that the Phoenix South-1 well has drilled to a depth of 4,540 metres Measured Depth ('MD'). Drilling 40 metres below the 4,500 metres MD target was undertaken to enable logging tools to reach 4,500 metres. The Operator is currently running wireline formation evaluation tools.
These operations are expected to continue for a further 5 to 7 days. Once these operations are complete the Joint Venture will make a decision whether to drill deeper.
Throughout the interval from approximately 4,170 metres MD to 4,540 metres MD, a number of sandstone intervals were encountered. Elevated gas readings and indications of associated liquid hydrocarbons were observed coincident with these sandstone intervals.