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Carnarvon Petroleum (ASX:CVN) (OTCMKTS:CVONF) recently announced the Phoenix South-1 well on Western Australia's Northwest Shelf had made the largest and most significant oil discovery in Australia in the past 30 years. The operator of the well, Apache Energy, have estimated the oil in place could be between 30-300 million barrels of oil, however Carnarvon Petroleum CEO Adrian Cook believes the most significant result of the discovery is the opening up of an entirely new oil province on the North West Shelf.
Mr Cook said, "The Phoenix South-1 well has demonstrated the potential for a new oil province within the Offshore Canning Basin, positioned between the Browse and Carnarvon Basins, both of which are world class oil and gas provinces."
Originally targeting gas, the oil discovery at Phoenix South-1 well came as a pleasant surprise to Carnarvon. Even more pleasant is the news that the quality of the oil at Phoenix South is exceptionally good and is likely to attract premium prices at market if it can be commercialised.
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