Perth-based Quadrant Energy has made a gas and condensate discovery offshore Western Australia.
The Phoenix South-2 well is located within the WA-435-P exploration permit in the North-West Shelf of Australia.
The equity interest holders in the permit are Quadrant, the operator with a 80% stake, and Carnarvon Petroleum with the remaining 20% interest.
The well drilled “an estimated 39 metre hydrocarbon-bearing zone between approximately 5,176 and 5,215 metres with significant gas influx and elevated reservoir pore pressures,” Carnarvon said in a statement on Monday.
The well was unable to assess as much as 185 metres of additional potential hydrocarbon bearing Caley reservoir beneath 5,215 metres due to the higher than anticipated pressures being encountered, the statement reads.
The duo will now assess these results and consider “the most appropriate forward plan” for assessing the entire Caley zone of interest.