Carnarvon Petroleum said that it has won rights in a highly promising oil prone permit, AC/P63 block in Western Australia’s North West Shelf.
The AC/P63 block is located within the Southern Vulcan Sub-basin, which the company has named as the Eagle Project.
According to Carnarvon, the permit is spread over an area of 585km² and is contained in 100-200m depth of shallow waters. It contains various attractive leads in the same proven oil producing basin that is home to the Talbot, Jabiru, and Cassini/Challis oil fields, said the Perth-based company.
Carnarvon managing director Adrian Cook said: “The Eagle Project is another demonstration of our team’s ability to acquire oil prone exploration permits within proven petroleum systems.
“This is Carnarvon’s second permit within the Vulcan Sub-basin, adjacent to the Skua and Cassini/Challis oil fields. Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”
Carnarvon said that it will look to mature the identified leads in the block to prospects. For this purpose, the company plans to use various geosciences work-flows such as satellite seep survey, burial modelling, fault seal analysis, petrophysical reviews, rock physics analysis and seismic inversion using the Cygnus MC3D.
Carnarvon revealed that it had marked various Jurassic and Cretaceous leads, over multiple reservoir levels. The company added there is also potential for secondary plays in the shallower, Late Cretaceous stratigraphy that will be the focus of its ongoing technical investigations.
Earlier in the month, Carnarvon completed a detailed petrophysical analysis of the Ivory prospect within the WA-521-P exploration permit (Labyrinth project) in offshore Western Australia by tapping into the findings from the successful Roc and Phoenix South wells in the nearby permits.
Carnarvon has estimated the Ivory prospect to hold 420 million barrels of mean recoverable oil over two levels. The company has so far identified a total of more than 1.5 billion barrels of recoverable prospective resource in the Labyrinth project.
Image: Map of the Eagle Project (AC/P63) permit in relation to existing fields and Carnarvon’s 100% held Condor Project (AC/P62) in the Vulcan Sub-basin. Photo: courtesy of Carnarvon Petroleum.