Carnarvon Petroleum (ASX: CVN) and Finder Exploration are targeting the end of September to finalise a farm in agreement with a major oil and gas company for their WA-435-P and WA-437-P permits in the Roebuck Basin.
The two permits, located between the prolific Carnarvon and Browse Basins, contain the Phoenix South and Roc prospects near the Phoenix-1 gas discovery.
These prospects have potential for liquids to be associated with the gas, based on the correlation of the Phoenix-1 well mud-log with the gas composition of producing fields such as North Rankin.
Ongoing technical work has also identified several new prospects and leads that could potentially contain oil. This includes a new large oil prospect that could contain significant quantities of oil within lower Cretaceous sandstone reservoirs updip of oil shows encountered in Phoenix-1.
This new prospect has resulted from detailed mapping of the faulting at the lower Cretaceous level.
The technical work is ongoing and will focus on developing further oil-type leads and prospects in the permits.
Carnarvon plans to acquire 3D seismic shot by Fugro on a multi-client basis over the northern region of WA-435-P, WA-436-P and its wholly-owned WA-443-P permits once it is available.
The survey covers about 3854 square kilometres of the three permits and is expected to provide invaluable information for a number of substantial leads mapped on the historical 2D seismic data.
The Zeester 3D survey was designed to target numerous north to south oriented structures in the west and also to cover the Bedout High structure in the north. This survey will complement recently acquired 2D tie lines from the Phoenix 3D acquisition that highlighted a number of potential exploration targets.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.