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Quadrant Northwest secures rig contract for Dorado-1 well in Australia

Carnarvon Petroleum partner Quadrant Northwest has signed a contract with ENSCO Australia to drill the highly anticipated Dorado-1 exploration well using the ENSCO-107 jack-up drilling rig.

Highlights

• Rig contract signed to drill the high impact Dorado-1 exploration well in the Phoenix project

• Drilling is expected to commence around May 2018

• Primary target estimated to contain 545 bscf of gas and 31 mmbbls of condensate (gross, Pmean)

The Dorado-1 exploration well has a number of large targets. The primary target is the proven Caley Sandstone which Carnarvon estimates to contain a mean prospective resource of 545 bscf of gas and 31 mmbbls of condensate. The Milne Sandstone is a secondary target which may contain up to four additional sands of a similar size, albeit with a slightly higher risk. The prospective resource estimates for the Dorado-1 well are outlined on page 3 and 5 of this announcement.

The Dorado-1 well is expected to commence around May 2018 while the Phoenix South-3 well is expected to commence around March 2018. Rigs have now been secured for both wells.

Carnarvon’s Managing Director, Adrian Cook said “the results of our 2018 drilling program are expected to be important contributors to our knowledge of the Bedout sub-basin and its near term commerciality. 2018 will be an exciting time with the Phoenix South-3 well evaluating the gas and condensate already discovered in the nearby Phoenix South-2 well, while the Dorado-1 well will be exploring for significant gas and condensate volumes over multiple reservoir sands only some 15 kilometres from the highly successful Roc-2 well.”

The Dorado-1 well is located within the WA-437-P exploration permit in the North-West Shelf of Australia. The equity interest holders are:

Carnarvon Petroleum 20%

Quadrant Northwest (Operator) 80%