With first oil from the company's Phoenix discovery off Western Australia not expected for a few years, and some analysts predicting the oil price could begin to climb again next year, Carnarvon should remain insulated from the current climate.

In addition, the junior's key activity for 2015, the drilling of the Phoenix South follow-up well Roc-1 will be funded to $US70 million ($A87.5 million) by joint venture partners Apache Energy and JX Nippon.

Ongoing exploration and data recovery in the NWS will be helped along by the company's cash balance, which was at $52.4 million at the end of the December quarter, with a further $32 million currently receivable from oil receipts.

The company has no debt.

Though Carnarvon conducted a sale and purchase agreement during the quarter to sell off its remaining 20% in its Thai assets to Berlanga Group, completion isn't expected until mid-February.

The total sale amount is about $58.2 million, subject to final completion adjustments.

Meanwhile, production rates from the assets enjoyed an 11% hike over the previous quarter to an average of 4624 barrels of oil per day.

Net revenue for Carnarvon over the quarter was $A6.7 million from 85,086bbl sold, generating a positive operating cash flow of $5 million from the L44/43 and L33/43 concessions.

Four wells were drilled and completed during the period, with about 14 wells planned for the 2015 drilling campaign, to begin in the June quarter.

A new 3D seismic survey is currently being acquired over the South East area of the L44/43 concession.

Expenditure for the quarter was $2.2 million for drilling, site preparation and seismic acquisition activities, $1.6 million for technical work, new ventures and corporate costs and $800,000 for exploration activities on the NWS.

A majority of the acreage covered by the four blocks making up the Phoenix area will be covered by historical and new data during 2015 in order to prove up leads.