Carnarvon Acquires 100% Stake in Permit WA-523-P Off Western Australia

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Polarcus Bags Broadband 3D Marine Seis... (Sep 23)
 -  PETRONAS Signs Contract with Schlumber... (Sep 23)
 -  Valmec Clinches Supply, Construction C... (Sep 23)
 -  Tullow Oil Confirms Turret Bearing Cov... (Sep 23)
 -  Sound Renegotiates Sidi Moktar Acquisi... (Sep 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager I
Expertise: Corrosion Engineering|Pipe Inspection / NDT|Project Management
Location: San Diego, CA
 
Regional Director, Construction and Line Operations (Amarillo, TX) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Amarillo, TX
 
Regional Director, Construction and Line Operations (Denver, CO) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Henderson, CO
 
search for more jobs

Brent Crude Oil : $45.89/BBL 3.69%
Light Crude Oil : $44.48/BBL 3.97%
Natural Gas : $2.96/MMBtu 1.00%
Updated in last 24 hours