Apache, JX Nippon Commit to Drill Roc Prospect in Permit WA-437-P in NWS

Carnarvon Petroleum Limited (Carnarvon) reported Monday that Apache Northwest Pty Ltd (Apache) and JX Nippon have formally notified Carnarvon that they are committed to drilling the Roc prospect in WA-437-P in the North West Shelf of Western Australia. In doing so they will pay the earn-in costs to a cap of $70 million (gross). The Roc prospect is a follow up exploration well to the major new oil discovery made at the Phoenix South-1 well.

In addition to the above, Apache has exercized its option to acquire a 40 percent interest in WA-436-P and WA-438-P. Apache will assume operatorship of these permits and Carnarvon retains a 30 percent interest.

Managing Director, Adrian Cook said “Following the recent and exciting oil discovery in the Phoenix South-1 well, I am delighted that Apache and JX Nippon have committed to drilling the Roc prospect and to join ourselves and Finder Exploration as we look for more exploration success in the area. At this stage I expect the Roc well will be drilled in 2015 with an Apache contracted jackup.

Apache is a well-renowned global exploration and production company and we look forward to working with them as the operator of all four of the Permits we now share.”


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