Apache takes command of gas-prone Australia blocks

Carnarvon Petroleum and partner Finder Exploration have completed a farm-out of the Phoenix blocks on Australia’s offshore North West Shelf.

Offshore staff

PERTH, Australia – Carnarvon Petroleum and partner Finder Exploration have completed a farm-out of the Phoenix blocks on Australia’s offshore North West Shelf.

Apache will take a 40% operating interest in blocks WA-435-P and WA-437-P, and JX Nippon assumes a 20% stake, with Carnarvon and Finder each retaining 20%.

The two new partners will cover the cost to drill the Phoenix South prospect and a possible follow-up well on the Roc prospect.

In Phoenix South the target is gas in lower Triassic reservoirs – this well will be drilled to a minimum depth of 4,500 m (14,764 ft). The Roc well will also target gas in the lower Triassic and will be drilled to at least 4,000 m (13,123 ft). All parties will agree the final depth of each well once well planning begins.

Both prospects are close to thePhoenix-1 gas discovery.

In the WA-436-P and WA-438-P permits are adjacent to the Phoenix blocks, Carnarvon and Finder continue to interpret existing data, including the Zeester 3D survey, and seek further farm-outs in both cases.

10/25/2012

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