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- Firm two-well program outlined for high-impact 2027 Bedout drilling campaign
- Pavo South-1 targeting 74 million barrels of oil equivalent extension to existing Pavo oil field
- Pavo South resources would significantly enhance the proposed Dorado development
- 2027 Bedout exploration campaign provides complementary exploration exposure
Carnarvon Energy (ASX:CVN) has confirmed a Pavo South-1 well will go-ahead for the 2027 Bedout Sub-basin drilling campaign off the north-west coast of WA.
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Pavo South-1 joins Ara-1 as the two firm wells in the fully-budgeted exploration drilling campaign which has the potential to significantly boost Australia’s oil reserves.
Pavo South-1 is now confirmed subject to regulatory approvals and the allocation of a suitable rig.
Drilling is scheduled to begin in late Q3 2027 using a separate jack-up rig, which is suited to efficient operations in water depths of less than 100m. The Pavo South prospect is a follow up target to the nearby Pavo field, discovered in 2022, and sits in around 90m water depth.
CEO, Philip Huizenga, said a successful well at Pavo South-1 would significantly enhance the recoverable oil available for the Dorado oil field development, as it could be tied back to the proposed Dorado facilities in addition to the already discovered Pavo oil field.
Carnarvon holds a 20% equity in the WA-438-P permit in which Pavo and Pavo South are located, meaning success in this well has significant additional benefits to the company, compared to other permits.
“I am delighted that the Pavo South-1 well has been confirmed for drilling in 2027. Together with Ara-1, it completes a high impact Bedout drilling campaign for next year.
“Pavo South-1 is a terrific addition. The well targets almost 70 million barrels of oil and has a high 64% geological chance of success. Our 20% equity interest in this prospect gives Carnarvon meaningful exposure to an expected positive result, adding further impact to our 2027 drilling.
“We’re making good progress on contracting the ancillary equipment for the campaign, and we expect the environment plans to be approved well ahead of drilling each well next year.”
Preparations for the previously announced Ara-1 well are materially advanced and the well is on track to commence in Q2 2027, utilising the contracted Transocean Equinox semi-submersible rig.
Ara-1 is targeting the previously untested northern fairway of the Bedout permits. Success in the Ara-1 well could open a new play for the joint venture and derisk a number of other nearby material prospects.
It would also confirm the scale of the Bedout Sub-basin, which is one of Australia’s most exciting emerging oil and gas basins, with several successful discoveries to date.
CVN was up 2.50% to 10.3¢. Mkt cap $178.9M.
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