Quadrant Energy notches up first drilling success in Western Australia

Macquarie-backed Quadrant Energy has scored its first success with the drill-bit since its formation last year through the $US2.1 billion buy-out of Apache's Australian assets, but the discovery at the Roc-1 well has only highlighted the early stage of exploration in the remote area off Western Australia.

The $US70 million well, drilled about 20 kilometres from the Phoenix South-1 discovery made last year under Apache, was targeting oil but found instead "condensate-rich gas", Quadrant's junior partner Carnarvon Petroleum reported.