Carnarvon Petroleum (ASX: CVN) is keeping the data room for its Phoenix farm out open for an additional two weeks due to the high level of interest in the Roebuck Basin asset.
Part of this interest may be due to Woodside Petroleum’s (ASX: WPL) plans to shoot 11,000 square kilometres of 3D seismic in 2012 and drill exploration wells in 2013 over its 5 new exploration permits in the basin.
The added interest also bodes well for Carnarvon and partner Finder Exploration’s efforts to find a farm-in partner willing to drill two exploration wells to test the top-ranked Phoenix South and Roc prospects, each of which could hold in-place gas of 5.5 trillion cubic feet and are de-risked by the Phoenix-1 well.
The Phoenix asset in WA-435-P and WA-437-P was discovered in 1980 by the Phoenix-1 well and has a proved Triassic in-place resource of 870 billion cubic feet of gas.
Phoenix South and Roc were identified through 3D seismic covering 1100 square kilometres in late 2010 to early 2011 over the gas discovery and nearby prospects and comprehensive technical work.
With the two permits located just 150 kilometres north of Port Hedland, any discovery would benefit from existing pipeline access to Perth, be developed through existing or new liquefied natural gas projects, or provide gas to mines in the Pilbara.
Carnarvon is also looking at acquiring seismic data from Fugro Multi Client Services, which is shooting a 4289 square kilometre multi-client 3D seismic survey.
This survey covers part of WA-435-P, WA-436-P and WA-443-P and will allow the company to assess several leads in the area and enable further technical work to be undertaken before the next farm-out process is initiated.
Carnarvon holds 50% of WA-435-P and WA-437-P. The remaining 50% is held by Finder.