Polarcus Asima Commences Seismic Acquisition in Phoenix Area Off WA

Carnarvon Petroleum Limited reported Tuesday that modern seismic data to be acquired in 2015, together with previously acquired data, will cover the majority of the four exploration permits making up the Phoenix area in the North West Shelf of Western Australia, namely covering WA-435-P, WA-436-P, WA-437-P and WA-438-P.

On Jan. 12 the Polarcus Asima seismic vessel commenced acquisition of a large 3D multi-client three dimensional seismic program referred to as the Capreolus MC3D. The Joint Venture will license around 1,969 square miles (5,100 square kilometers) from the Capreolus 3D.

Carnarvon and partner Finder Exploration were the first to license 3D seismic data in the Phoenix area that now contains the Phoenix South-1 oil discovery. The first 3D seismic acquisition in this area (the Phoenix MC3D) covered 428 square miles (1,100 square kilometers) and was acquired late in 2010 / early 2011.

In late 2011 / early 2012 a second 3D seismic acquisition program (the Zeester MC3D) acquired an additional 1,488 square miles (3,854 square kilometers). The current Joint Venture partners have recently agreed to license this data following the success of the Phoenix South-1 well.

With the Capreolus MC3D the Joint Venture partners will have modern 3D seismic data covering some 3,861 square miles (10,000 square kilometers) of the approximate 8,494 square miles (22,000 square kilometers) covered by the four contiguous Phoenix area permits. This 3D seismic data is specifically intended to enable future exploration within the primary Triassic and Jurassic reservoirs within the Phoenix area.

Additionally, a new two dimensional seismic acquisition program (the Bilby MC2D) will acquire modern 2D seismic data over most of the remaining acreage holding.

Collectively the new data will provide important new insights regarding the regional geology and its prospectivity. The objective will be to use this data to identify new and refine currently identified prospects and leads for possible future drilling. Carnarvon will invest around $8.15 million (AUD 10 million) licensing the Zeester and Capreolus 3D seismic data and the Bilby 2D data. Carnarvon has previously licenced and paid for the Phoenix 3D data.


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