Carnarvon Petroleum (ASX:CVN) has had its application to suspend and extend the year three work commitments approved at the Cerberus Project located offshore Western Australia.
The 100% owned Cerberus Project is comprised of the EP-490, EP-491, TP/27 and EP-475 exploration blocks in the North West Shelf offshore Western Australia.
The approval will allow Carnarvon sufficient time to prepare to drill a contingent well in 2018 and complete the necessary efforts to secure a partner to help fund the necessary exploration drilling.
The 2018 drilling will be contingent upon Carnarvon agreeing to enter into the next commitment year in May 2018.
This has also allowed the EP-490, EP-491 and TP/27 exploration permits to be aligned with the drilling commitments in the EP-475 exploration block.
Cerberus Project
The Cerberus blocks cover a 3,700 square kilometre area in the heartland of the prolific Northern Carnarvon Basin, relatively close to a number of producing oil and gas fields.
Nine prospects within the project contain 624 million barrels of prospective recoverable oil.
Recent technical work has highlighted the existence of a lower Triassic play within the Cerberus blocks which significantly de-risks their potential.
Further prospective resources have been outlined in a number of other leads within the exploration blocks, consisting of a number of different petroleum plays.