Wednesday 3 March 2021

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to confirm that the Noble Tom Prosser jackup drilling rig has been contracted to drill the Pavo-1 and Apus-1 exploration wells.

The drilling program is expected to commence in late 2021 with the Pavo-1 well and will be immediately followed by the Apus-1 well.

Both prospects have the potential to materially increase the aggregate development resource for the Dorado field if successful. Resources capable of being tied back to existing infrastructure provide significantly enhanced economic outcomes, minimise additional capital investment requirements and shorten time periods to first production from the tie back fields.

The Noble Tom Prosser jack-up drilling rig was previously used by Carnarvon and its operating partner in 2019 on the successful Dorado-2 and Dorado-3 appraisal wells.

With the drilling rig contracted, the operator will now proceed to secure the remaining equipment, services and approvals required to commence drilling operations

Carnarvon Managing Director and CEO, Mr Adrian Cook, said:

“Given the potential resource size and development aggregation benefits, these two drilling targets provide very attractive and meaningful opportunities for Carnarvon. Today’s news in locking in this rig is another clear point of progression in the advancement of the world class Bedout Basin.

We are looking forward to an exciting year ahead with multiple drilling operations progressing to plan as well as the advancement of our Dorado development pre-FEED and FEED activities