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Carnarvon Petroleum awarded additional acreage offshore WA

WEST PERTH, Australia -- Carnarvon Petroleum has been awarded two contiguous blocks on the eastern flank of the prolific oil producing Barrow Sub basin: Petroleum Exploration Permit EP-490 (bid block L11-6) and TP/27 (bid block T11-3). Carnarvon is operator and 100% working interest holder in these blocks that cover a total area of around 1,750 sq km.
Two major hydrocarbon accumulations occur immediately to the north of the blocks. The Wandoo oil field is located around 46 kms to the north of the blocks with its primary reservoir at a depth of approximately 600 m in the Early Cretaceous M.australis Sandstone of the Muderong shale. Recoverable oil is estimated to be approximately 100 MMbbl. The Stag oil field is located 24 kms to the north of these blocks with its primary reservoir at a depth of approximately 700 m. Recoverable oil is estimated to be around 50 MMbbl. Both fields lie in approximately 50 m of water.

These new blocks are already substantially covered by modern 3D seismic data, which will aid in identifying analogous traps to the Stag and Wandoo oil fields.

Numerous oil and gas fields have also been discovered throughout the area to the west of the blocks, including the significant hydrocarbon accumulations in the Harriet area, reservoired within the highly productive Flag Sandstone.

Water depth over the blocks does not exceed 70 m, which when combined with shallow target depths, allows for cost effective drilling using offshore jackup rigs.

Work commitments for the primary three-year period are limited to reprocessing the existing 3D seismic and geological studies and will not add any significant cost exposure to Carnarvon’s already low future commitments.

“Securing a significant acreage position just to the south of two major oil fields with minimal commitments further compliments Carnarvon’s strategy for expansion on the North West Shelf. That the blocks are already covered by extensive modern 3D data, combined with shallow water depths and reservoir targets, means that future exploration costs will be kept to a minimum as we pursue significant oil prospects in the acreage. These blocks, together with the contiguous EP-491 award stated on 29 May 2014, provide an exciting new phase for growth for the Company,” MD Adrian Cook said.



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