CARNARVON Petroleum has expanded its presence offshore Western Australia, having recently secured a 100 per cent interest in newly awarded offshore exploration permit, WA 521 P, located in the Roebuck basin.
Carnarvon’s recently awarded acreage is positioned immediately adjacent to the Phoenix/Roc acreage on Western Australia’s North West Shelf (NWS).
Carnarvon managing director Adrian Cook said the company is continuing to build its North West Shelf portfolio.
“As we continue to unlock the potential of the Lower Triassic petroleum systems along the North West Shelf, Carnarvon has demonstrated its strategic focus by securing low cost acreage in highly prospective locations that are capable of being matured ahead of a rising oil price cycle.”
For the past five years Carnarvon has been studying the potential of the Lower Triassic petroleum system that it believes lies along the entire length of the NWS.
The discovery of hydrocarbons at the Phoenix South 1 and Roc 1 wells in this Lower Triassic stratigraphy validates this theory and provides the justification for securing WA 521 P, Carnarvon said.
The potential for the proven Lower Triassic petroleum systems and source rocks from the Phoenix and Roc area to extend into WA-521-P is a key reason for the company’s interest in this permit.
Numerous structural closures and initial seismic mapping indicates the structures to be larger in area than the Phoenix South and Roc discovery closure areas Carnarvon said.
Carnarvon applied to the government for WA 521 P during the current low oil price cycle, with a low cost bid of purchasing 4,000 kilometres of reprocessed 2D seismic during the first three year term, and acquiring an optional 300 kilometres squared 3D seismic survey in year five of the following discretionary three year term.
Similar to the Phoenix area, WA 521 P has seen little exploration activity in the last decade and Carnarvon believes the area would benefit from modern exploration processes and technologies together with the new information that has arisen from the Phoenix South and Roc discoveries.