Carnarvon Petroleum Limited provided the following update on its upcoming Phoenix South-3 drilling program. Quadrant Energy (operator) contracted the Transocean Limited sixth generation GSF Development Driller-1 semi-submersible drilling rig (pictured below left) in 2017 to drill the Phoenix South-3 well. The rig commenced its tow to the well location from the northern hemisphere and has now reached South Africa where it will undertake scheduled maintenance. Once maintenance work is complete, the rig will then be towed to the Phoenix South-3 location. The Phoenix South-3 well has been designed to evaluate the gas and condensate discovered at the top of the Caley interval in the Phoenix South-2 well. The Phoenix South-3 well will be located some 560 metres north northeast of the Phoenix South-2 well and has been designed to evaluate the Caley interval. This interval contained gas and condensate in the Phoenix South-2 well but couldn't be fully evaluated due to Caley interval pressures being greater than those planned for in the well design. 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. The Joint Ventures partners have a number of options under consideration for potential development of the Phoenix project resources. In this regard, the Phoenix South and Roc resources could be combined into a single gas condensate development. Currently the Roc structure volume is estimated to be at the minimum economic field threshold. The Roc structure has an estimated 332 Bscf of gas and 20 million barrels of associated condensate (being the equivalent of 74 million barrels of oil ("boe"), gross, 2C basis).