Oil and gas explorer Carnarvon Petroleum (CVN) has received upgraded 3D seismic data from its Bedout Basin prospects.
The new map highlights the area’s potential to host significant hydrocarbon reserves.
World-first
The new Keraudren 3D seismic data was acquired in 2019 using world-first “source over streamer” technology, which can generate enhanced imaging of subsurface structures.
The resulting map has improved CVN’s understanding of the underlying geology at the Dorado and Roc fields, and the surrounding area.
One big upside of the new technique is just how accurately the data can be interpreted to delineate different subsurface zones — with the new analysis confirming the structural integrity of the Apus and Pavo prospects.
Next steps
Overall, the results have painted a clearer picture of the basin’s structural architecture, giving Carnarvon great insight into how to progress to the next phase of exploration.
Carnarvon Managing Director and CEO Adrian Cook says the prospects appear even more promising than previously thought.
“We clearly know that we are working in a prolific new hydrocarbon basin on the North West Shelf, most particularly following the successful Dorado and Roc discoveries and appraisal results,” Adrian said.
“We are currently working with the new Keraudren 3D seismic data to determine follow up exploration potential in the area and to support the Dorado field development work.
“Whilst still very early in the mapping process, exploration wise, we are very encouraged by the observations from our team’s work to date,” he added.
The company will continue data analysis from the survey, with another higher-grade data set to be received before the end of 2020.
Carnarvon Petroleum is trading five per cent higher today, with shares priced at 21 cents each as at 11:35 am AEST.