Carnarvon targeting five substantial new Bedout prospects
September 04, 2023 at 01:41 pm EDT
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Carnarvon Energy Ltd (ASX:CVN) CEO Adrian Cook tells Proactive the company is taking steps to unlock further oil and gas resources in the Bedout Sub-basin offshore Western Australia with evaluation of 3D seismic data resulting in an unrivalled spread of highly attractive prospects. The interpretation work has led to the joint venture (JV) targeting five strategic prospects containing a combined material resource of 623 million barrels of oil equivalent (gross, unrisked Pmean). He says they’ve been strategically selected for their potential to build resource scale, de-risk significant prospectivity within nearby clusters and strengthen a number of development opportunities.
Cook said: “As evidenced by Carnarvon’s recent partial divestment of a 10% interest in its Bedout assets to CPC Corporation, Taiwan, the Bedout Sub-basin represents Australia's most prospective and exciting offshore exploration acreage.
"The latest interpretation results emphasise the substantial amount of prospective running room to be had if any one of the identified resource clusters are successful.
"As we progressively evaluate the latest 3D seismic data, we have the difficult task of deciding which of the high-graded targets to drill first across a plethora of highly attractive opportunities.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Carnarvon Energy Limited is an Australia-based independent oil and gas explorer. The Companyâs principal activities are oil and gas exploration, development and production. The Company secured its interests in the Bedout Sub-Basin permits, WA-435-P, WA-436-P, WA-437-P and WA-438-P. The offshore permits cover an area of 21,652 square kilometers (km2), which is located approximately 110 kilometers (km) from the coast, offshore of Port Hedland in Western Australia. The Pavo North oil discovery was made with the Pavo-1 well intersecting reservoirs and confirming net oil pay across a zone of 46 meters. Pavo lies in offshore permit WA-438-P, where Carnarvon holds a 20% interest. The Companyâs core exploration portfolio offshore Western Australia contains more than 100 prospects, providing plenty of running room in the emerging Bedout sub-basin. It holds a 10% interest in WA-435-p and WA-437-P.
CARNARVON ENERGY LIMITED 
