Partners Commit to Carnarvon Permits

8/18/2014

Partners Commit to Carnarvon Permits

PERTH, Western Australia -- Carnarvon Petroleum Limited (Carnarvon) advised shareholders that Apache Northwest Pty Ltd (Apache) and JX Nippon have formally notified Carnarvon that they are committed to drilling the Roc prospect in WA-437-P in the North West Shelf of Western Australia. In doing so they will pay the earn-in costs to a cap of $70 million (gross). The Roc prospect is a follow up exploration well to the major new oil discovery made at the Phoenix South-1 well.

In addition to the above, Apache has exercised its option to acquire a 40% interest in WA-436-P and WA-438-P. Apache will assume operatorship of these permits and Carnarvon retains a 30% interest.

MD, Mr Adrian Cook said “Following the recent and exciting oil discovery in the Phoenix South-1 well, I am delighted that Apache and JX Nippon have committed to drilling the Roc prospect and to join ourselves and Finder Exploration as we look for more exploration success in the area. At this stage I expect the Roc well will be drilled in 2015 with an Apache contracted Jack-Up drilling rig".

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