Carnarvon Petroleum Grants Cerebrus Project ExtensionSource: www.gulfoilandgas.com 5/8/2017, Location: Not categorized
Carnarvon Petroleum Limited (Carnarvon) is pleased to provide an update on the timing and extent of technical work that is being completed on the EP-490, EP-491, TP/27 and EP-475 exploration blocks in the North West Shelf offshore Western Australia, collectively termed the “Cerberus” project.
Suspension and Extension Approval
The Company has been recently notified by the Department of Mines and Petroleum (DMP) of the Government of Western Australia that the application to suspend and extend the year 3 work commitments has been approved. This will allow Carnarvon sufficient time to prepare to drill a contingent well in 2018 and complete the necessary efforts to secure a partner to help fund the necessary exploration drilling. The 2018 drilling will be contingent upon Carnarvon agreeing to enter into the next commitment year in May 2018. This has also allowed the EP-490, EP-491 and TP/27 exploration permits to be aligned with the drilling commitments in the EP-475 exploration block.
Large Acreage Position
The Cerberus blocks cover a large 3,700 km2 area in the heartland of the prolific Northern Carnarvon Basin, relatively close to a number of producing oil and gas fields. Current prospects contain 624 million barrels of recoverable oil on a Pmean basis.
New Triassic Play Potential
Carnarvon’s recent success within the Roebuck basin has significantly de-risked the Lower Triassic play potential across the North West Shelf. Recent technical work has highlighted the existence of a lower Triassic play within the Cerberus blocks, and has resulted in the high grading of the Kes prospect. Kes is a stratigraphic trap which is interpreted to contain good quality turbidite reservoirs sealed by the Locker Shale.
Carnarvon Petroleum was invited to speak on this technical work at the recent SEAPEX conference in Singapore and the resultant presentation outlining this potential new play type was well received.
Prospects - Multiple Plays
Resource analysis of the leads and prospects has resulted in meaningful estimates for a number of welldefined prospects and leads, as listed in the summary at the end of this report.
In particular the Honeybadger, Kes and Belfon prospects are estimated to contain a total of 132 million barrels of oil at the Pmean confidence level. The Belfon prospect is defined as a horst block structure, with Permian Kennedy Formation reservoir sealed by the regional Locker Shale.
Further prospective resources have been outlined in a number of other leads within the exploration blocks, consisting of a number of different petroleum plays. The estimates of prospective resources included in this announcement have been prepared in accordance with the definitions and guidelines set forth in the SPE-PRMS.
The Resource estimates outlined in this report were reviewed by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 20 years’ experience in petroleum exploration and engineering. Mr Huizenga holds a Bachelor Degree in Engineering and a Masters Degree in Petroleum Engineering. Mr Huizenga is qualified in accordance with ASX Listing Rules and has consented to the form and context in which this statement appears.
There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognised as a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The prospective resources have been calculated using probabilistic methodology.
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