Apache continues drilling Phoenix South-1 well offshore Australia

6/5/2014

Apache continues drilling Phoenix South-1 well offshore Australia

WEST PERTH, Australia -- Carnarvon Petroleum has reported that the Phoenix South-1 well, in permit WA-435-P on the North West Shelf off Western Australia, has completed drilling the shallow hole section and is preparing to drill the intermediate section.

permit WA-435-P on the North West Shelf off Western Australia - See more at: http://www.rigzone.com/news/oil_gas/a/133421/Apache_Prepares_for_Further_Drilling_at_Phoenix_South1_Well_offshore_WA#sthash.x1F01j6v.dpuf

The company’s next scheduled statement will occur after the intermediate hole section has been completed, anticipated to be in approximately two weeks’ time.

Apache Energy and JX Nippon are earning a 40% and 20% interest in the permit, respectively, through the drilling of the well down to 4,500 m.

Post the fulfilment of the commitments, the equity interest holders will be: Carnarvon Petroleum 20%, Apache Energy (operator) 40%, JX Nippon 20% and Finder Exploration 20%.

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