Successful Well Test in Bedout Basin Offshore Western Australia

October 19, 2016

Statement from Mr Brett Darley, Chief Executive Officer

Quadrant Energy has confirmed a successful well test from the Roc-2 well, 165 km north of Port Hedland in the Bedout Basin.

Roc-2 flow tested at a maximum (equipment constrained) rate of 51.2 million standard cubic feet (scf) per day of gas and 2943 barrels of condensate per day, from a 25 metre thick perforated interval at 4,400 metres below sea level.

The successful test result highlights the prospectivity of the Bedout basin.

Since farming into the area in 2012, the Quadrant Energy-led joint venture has achieved a 100% success rate in three exploration wells – Phoenix South-1, Roc-1 and now Roc-2.

fwa3970_bedout_simp_loc_map_644These results show significant potential in this largely unexplored area situated in relatively shallow water. Quadrant Energy is the Operator and holds between 70- 80% interest over four (4) permits totaling more than 21,000 square kilometres (km2).

The Roc-2 result provides Quadrant Energy the opportunity to evaluate a range of development options given the close proximity to major resource projects. Quadrant Energy is continuing to obtain high quality data to thoroughly evaluate these options in a measured approach.

Today’s announcement adds to Quadrant Energy’s recent exploration success during the year at Davis-1, Outtrim-East-1 and Spartan-1, highlighting Quadrant Energy’s offshore exploration capability and strong acreage position.

PERTH 19 October 2016

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