Carnarvon Petroleum Limited (ASX:CVN) has been awarded the AC/P62 permit within the Southern Vulcan Sub-basin in the highly prospective Bonaparte Basin, on Western Australia’s North West Shelf.
This large 1,512 square kilometre permit is in shallow water and contains multiple attractive leads in the same proven producing basin that includes the Montara, Jabiru, Skua and Challis oil fields.
Adrian Cook, managing director, commented: “AC/P62 is another demonstration of our team’s ability to acquire oil prone exploration permits within proven petroleum systems.
“This is Carnarvon’s first permit within the Vulcan Sub-basin, adjacent to the Skua and Montara oil fields.
“Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”
Carnarvon aims to mature the prospects within the block with a number of geoscience work-flows as part of the work program.
These include a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus 3D dataset.
Carnarvon has already identified several large, robust Jurassic leads over multiple reservoir levels.
There is also potential for secondary plays in the shallower, Late Cretaceous stratigraphy that will be the focus of Carnarvon’s ongoing technical investigations.