Carnarvon Energy Limited has announced that the Noble Tom Prosser jack-
up drilling rig is currently moving towards the Pavo-1 well location.
Drilling is expected to commence within the next
week after allowing for towing and set up.
Carnarvon estimates a gross mean recoverable
volume of 82 million barrels of liquids and 108 Bcf
Carnarvon holds a 30% interest in this resource,
meaning the net liquids resource could be similar in
volume to Carnarvon’s interest in the Dorado field
in a success case.
The target reservoir is the Caley Formation sands which flow tested at equipment limits of around 11,000
barrels of oil per day in the Dorado-3 well.
The Pavo-1 well is targeting a prospect with the same reservoir type and trap style as the proven Dorado
oil, gas and condensate field. This is an attractive prospect, having an estimated one-in-three (34%)
geological probability of success.
After drilling the primary Caley target, the joint venture has the option to drill into deeper stratigraphy
including the Lower Archer Formation Dumont Member sands, and the Permian carbonates. Information
from these intervals will be highly valuable in assessing the substantial exploration potential north and
east of the Pavo prospect.
Following completion of the Pavo-1 well, the rig will drill the Apus-1 well which is located around 20km
south-west of the Pavo-1 well location.
ASX disclosure: Prospective Resources are the estimated quantities of petroleum that may potentially be
recovered by the application of a future development project and may relate to undiscovered
accumulations. These prospective resource estimates have an associated risk of discovery and risk of
development. Further exploration and appraisal will be required to determine the existence of a
significant quantity of potentially moveable hydrocarbons.
Carnarvon Managing Director and CEO, Mr Adrian Cook, said:
“The Carnarvon team are excited to be undertaking this next phase of exploration drilling in the Bedout
Targets like Pavo are highly attractive, from an economic and time to develop perspective, given their
potential to utilise the nearby Dorado facilities.
The Dorado development is currently in the advanced engineering and design stage with a joint venture
Final Investment Decision (“FID”) expected to occur later this year. Once FID is achieved, construction of
the Dorado production facilities can commence.
In addition to the benefits of Pavo’s proximity to Dorado, the resource size and Carnarvon’s 30% interest
in the resource will make a successful discovery meaningful to Carnarvon.
The proven Bedout basin acreage remains one of Carnarvon’s core assets. The basin contains around
100 prospects at the current time. With new 3D seismic acquired in 2021 and this year, we expect to
enhance this number and delineate a short list for future exploration programs. While the opportunity
within the basin is extensive, right now we are looking forward to seeing the results from this well in the
WA-438-P Equity Participants
Carnarvon Energy Limited 30%
Santos Limited (Operator)