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Carnarvon Petroleum Awarded New Permit on Western Australiaís North West Shelf

Source: www.gulfoilandgas.com 2/12/2018, Location: Not categorized

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Carnarvon Petroleum has informed shareholders that it has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australiaís North West Shelf which will be known as the Eagle Project. This 585km≤ permit is in shallow water and contains multiple attractive leads in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini / Challis oil fields.

Carnarvon prides itself on applying leading technologies to its technical work to assist in unlocking an areaís potential. The recent Cygnus MC3D (Phase 3) survey, which is being acquired by Polarcus over approximately 542km≤ of the recently awarded project, is expected to create a new standard in the interpretation of the prospectivity in this permit. Previous seismic interpretation in this area has been hampered by poor quality vintage seismic data. Carnarvon has already experienced significant improvement in imaging of the subsurface in its recently awarded Condor Project (AC/P62) as a result of the Cygnus MC3D data.

Carnarvon aims to mature the identified leads to prospects within the block, with a number of geoscience work-flows as part of the work program, including a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus MC3D.

Carnarvon has identified several Jurassic and Cretaceous leads, over multiple reservoir levels. There is also potential for secondary plays in the shallower, Late Cretaceous stratigraphy that will be the focus of Carnarvonís ongoing technical investigations.

Managing Director, Adrian Cook said: 'The Eagle Project is another demonstration of our teamís ability to acquire oil prone exploration permits within proven petroleum systems. This is Carnarvonís second permit within the Vulcan Sub-basin, adjacent to the Skua and Cassini/Challis oil fields.

Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit. I look forward to seeing the next phase of our teamís technical work and having the prospects within the Eagle Project matured to drillable status.'

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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