July 18, 2017

Quadrant Energy (operator) advised that the contract to drill the Phoenix South-3 well has been executed with Transocean Limited. The GSF Development Driller-1 semi-submersible drilling rig will drill the well. Currently the well commencement window is between 1 February and 1 April 2018. The GSF Development Driller-1 is a sixth generation semi-submersible with dual rig activity allowing for efficient drilling operations. The Phoenix South-3 well is being designed as a redrill of the Phoenix South-2 well that discovered gas and condensate at the top of the Caley interval (refer CVN ASX announcement on 19 December 2016 and 28 March 2017). The Phoenix South-3 well is to be located within close proximity to the Phoenix South-2 well. The Phoenix South Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate.
GSF Development Driller 1 delivered in 2005 at Sembcorp Marine PPL Shipyard in Singapore is reported as cold stacked in Spain.
Phoenix South is located off the coast of Western Australia at about 150km northeast of Port Hedland. (Source: Carnarvon Petroleum)