Carnarvon Petroleum Limited reported Wednesday that it has secured a 100 percent interest in a newly awarded offshore exploration permit, WA-521-P, located in the Roebuck Basin and positioned immediately adjacent to the Phoenix/Roc acreage on Western Australia’s North West Shelf (NWS).
Carnarvon Managing Director and CEO, Adrian Cook said, “Carnarvon continues to build its North West Shelf portfolio, which now includes the Cerberus blocks (100 percent Carnarvon), the Phoenix/Roc acreage (20-30 percent Carnarvon), the Outtrim block (28.5 percent Carnarvon) and now WA-521-P (100 percent Carnavon). As we continue to unlock the potential of the Lower Triassic petroleum systems along the North West Shelf, Carnarvon has demonstrated its strategic focus by securing low-cost acreage in highly prospective locations that are capable of being matured ahead of a rising oil price cycle.”
For the past five years Carnarvon has been studying the potential of the Lower Triassic petroleum system that Carnarvon believes lies along the entire length of the NWS. The discovery of hydrocarbons (oil, condensate and gas) at the Phoenix South-1 and Roc-1 wells in this Lower Triassic stratigraphy validates this theory and provides the justification for securing WA-521-P.
Carnarvon secured WA-521-P for the following technical reasons:
Carnarvon’s technical team was excited to be awarded WA-521-P because the Lower Triassic source rocks have potentially generated and trapped oil and gas into shallower overlying Jurassic sands, and they have identified several target structures that are significantly larger than the Phoenix South and Roc discovery areas.
Carnarvon applied to the Government for WA-521-P during the current low oil price cycle, with a low-cost bid of purchasing 2,485 miles (4,000 kilometers) of reprocessed 2D seismic during the first three year term, and acquiring an optional 116 square miles (300 square kilometers) 3D seismic survey in year 5 of the following discretionary three year term.
Like the Phoenix area, WA-521-P has seen very little exploration activity in the last decade and Carnarvon believes the area would benefit from modern exploration processes and technologies together with the new information that has arisen from the Phoenix South and Roc discoveries.
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