Carnarvon Petroleum Ltd. disclosed Monday that it has acquired 100 percent stake in exploration permit WA-523-P through the governmental gazettal process, adding to its portfolio of oil and gas exploration projects on Australia’s North West Shelf (NWS).
The work program for WA-523-P, occupying 1,629 square miles (4,220 square kilometers) in the northernmost extent of Western Australian waters, comprises the reprocessing of existing 3D seismic data and interpretation and analysis of the data within the initial firm three year term.
Carnarvon has initiated the reprocessing work which would take around 12 months to complete. And if the results prove successful, it may commit to acquire new 3D seismic data and drill a well over the course of the following three years.
“This area of the North West Shelf has tremendous opportunity and is an important addition to our portfolio ... This is a quality acquisition secured at the right time in the cycle ... this rare opportunity has also been secured for a fraction of the cost of the commitments made by peers in bid rounds only a year or two ago,” Carnarvon’s Managing Director and CEO, Adrian Cook said in the press release.
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