CVN 3.92% 26.5¢ carnarvon petroleum limited

CVN Announcement.

  1. 653 Posts.

    HOMEX - Perth

    Carnarvon Petroleum NL ("Carnarvon") is pleased to announce that the
    Phase 2 Development of the Wichian Buri Oilfield is progressing as
    scheduled with the mobilisation of the drilling contractor
    anticipated to commence by early next week and flow tests now
    underway in the recently fractured production wells, WB-N2 and WB-N3.

    Mobilisation of the drilling rig from Shell's Sirikit Oilfield to the
    Wichian Buri Oilfield is anticipated to commence early in the week
    commencing 29 September and will take approximately 7 days including
    rig up once on site. The timing may be subject to possible delays if
    inclement weather is experienced due to the rainy season. Drilling of
    the three new production wells is therefore expected to begin during
    early October and is anticipated to take up to 20 days. Drilling
    operations are scheduled for completion towards the end of October. A
    further two weeks will be required to bring the wells on stream
    through the new facilities. Oil production from the new wells is
    therefore anticipated to flow by early to mid-November.

    The three production wells will be drilled using a large top-drive
    rig under assignment from Thai Shell together with associated crew
    and other contractors. The 20 inch conductor pipes have already been
    driven in the newly installed drilling pad. The new production wells
    will be larger in diameter than the previously drilled WB-N wells and
    completed with 7 inch casing. They will also be deviated to intersect
    the oil bearing F Sandstone formation at angles ranging between 40
    deg and 50 deg, thus providing a greater area of penetration and
    expected productivity improvement.

    The return of the WB-N2 and N3 wells to production after the recent
    fracturing operations is continuing as planned with the frac
    equipment now demobilised and the production string and pumps
    replaced in the wells. The clean up of the wells is now underway
    prior to stabilising flow rates. Results of the flow testing are
    expected next week.

    Carnarvon Petroleum NL is a listed junior oil and gas exploration and
    production company. Canarvon has a 40% interest in the SW1A
    Concession in Thailand, and reserves in Papua New Guinea and the
    North West Shelf of Australia. Carnarvon's Joint Venture partner in
    the SW1A Concession is Pacific Tiger Energy Inc.

    Enquiries cm be directed to:

    Ken Tregonning in Melbourne on 03 9824 2104

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