Carnarvon Petroleum (ASX:CVN) has provided an update on the timing and extent of technical work that is being completed on the WA-521-P exploration block, which is known as the Labyrinth project.
The project is located on the North West Shelf offshore Western Australia, in the Rowley Sub-basin.
Labyrinth is positioned north of Carnarvon’s Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 metres and 500 metres.
The Labyrinth and Mouse prospects are estimated to contain ~400 million barrels of recoverable oil each (Pmean), with a total of over 1.5 billion barrels of recoverable prospective resource identified in the block to date.
Adrian Cook, managing director, commented:
"The results from the technical work in this project demonstrate the value of having a strong regional geological understanding.
"The significant volume estimates for the prospects and leads identified to date also make it a very attractive asset in the Carnarvon portfolio."
Analysis
Carnarvon is now uniquely positioned to draw on proprietary data from, and is now on trend with, the successful Roc and Phoenix discoveries in the neighbouring permits.