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- Carnarvon Energy (CVN) identifies more than 100 exploration prospects and “potential near-term drilling opportunities” within the Bedout Sub-basin, offshore in WA
- The company says the top 20 prospects alone hold over 1.5 billion barrels of oil equivalent in potential resources
- According to Carnvaron, the Boudout Sub-basin area has an exploration success rate of close to 70 per cent with modern 3D seismic techniques
- Meanwhile, Carnarvon has increased the prospective resource of its Pavo South zone to 66 million barrels of oil equivalent with a chance of success of around 60 per cent
- Shares in Carnarvon Energy closed 6.67 per cent higher at 16 cents per share
Carnarvon Energy (CVN) has identified more than 100 exploration prospects and “potential near-term drilling opportunities” within the Bedout Sub-basin, offshore in WA.
The company said the top 20 prospects alone held over 1.5 billion barrels of oil equivalent in potential resources, underscoring the potential for more discoveries in the Sub-basin.
Carnarvon has re-assessed the top five prospects from each of its permits in the Bedout Sub-basin area following its recent success at the Pavo discovery.
Managing Director CEO Adrian Cook said the exploration success rate in the basin was close to 70 per cent using modern 3D seismic, giving the company confidence that drilling at the new prospects could add to its “already extensive” resource base.
“Discussions are ongoing within the joint venture to determine where we focus our drilling, and we look forward to sharing those plans as they unfold,” Mr Cook said.
“All this exciting potential is underpinned by the Dorado and Pavo discovered resources of over 200 million barrels of oil and associated gas, with the liquids development the first step in unlocking the significant potential of the Bedout Sub-basin.”
Carnarvon said it was continuing to review and high-grade the best prospects and leads within the Bedout permits for drilling.
Further, the company confirmed that data quality was continually improving, leading to substantial de-risking of exploration prospects.
At the Pavo South zone, the company increased its prospective resource to 66 million barrels of oil with an improved chance of success of 60 per cent.
Shares in Carnarvon Energy closed 6.67 per cent higher at 16 cents per share.
