Carnarvon Energy has completed its Pavo resource assessment and is pleased to report on the contingent and prospective resources. The successful Pavo-1 oil discovery significantly increases Carnarvonís oil resources for potential development through the Dorado facilities, located around 46 kms from Pavo.
The greater Pavo closure comprises a northern structure, from which the Pavo-1 well recovered hydrocarbons (Pavo North contingent resource), and a southern structure (Pavo South prospective resource). The two structures are separated by a narrow syncline, with the depth of the syncline being shallower than an interpreted residual oil-water contact noted in Pavo-1. This supports the position that Pavo South is likely filled with the same oil encountered in Pavo North.
Carnarvon Managing Director and CEO, Mr Adrian Cook, said:
'As we reported a little over a month ago, the Pavo-1 well result is another stellar exploration success in Carnarvonís history in the Bedout Sub-basin.
Iím now pleased to be in a position to report on the contingent and prospective resources within the Pavo structure.
When we consider Carnarvonís share of the Dorado field oil resource is 32 million barrels (2C), the addition of 13 million barrels (2C) in Pavo North and 16 million barrels (prospective Pmean) in Pavo South holds great significance to the company and its shareholders.
Importantly, Pavo has the potential to maintain high flow rates through the Dorado production facilities and thereby preserve the fieldís low operating costs per barrel for an extended period of time.
The success of the Pavo-1 well has also led the joint venture to consider its upcoming appraisal and exploration campaigns in the Bedout Sub-basin. Carnarvon is working closely with the operator, Santos, to define these targets and will provide more information to shareholders in due course.'
The Dorado field and facilities are located in the WA-64-L production licence, in which Carnarvon holds a 20% interest. Pavo is located in the WA-438-P exploration permit, in which Carnarvon holds a 30% interest.