Tuesday 4 October 2022

Carnarvon Energy Limited (“Carnarvon”) (ASX:CVN) is pleased to provide an update on exploration prospectivity and potential near-term drilling opportunities acrossthe company’s acreage in the Bedout Subbasin.

More than 100 prospects have been identified across Carnarvon’s acreage (WA-435-P, WA-436-P, WA-437-P and WA-438-P (collectively “Bedout Permits”)), covering a broad range of play styles. The top five prospects in each permit have been re-assessed following the successful Pavo discovery this year, with potential for high grading to drilling status. These top prospects contain both gas and liquids focused targets.

The mean prospective resources of the top 20 prospects add up to over 1.5 billion barrels of oil equivalent (Pmean, gross). This, and the high average probability of geological success, underscores the potential for more discoveries in the highly prospective Bedout Sub-basin.

ASX disclosure: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.

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

“I am very excited to share this update on the significant prospectivity of the Bedout Sub-basin, with the top 20 out of over 100 identified prospects totalling over 1.5 billion barrels of oil equivalent.

Given the success rate in the basin of nearly 70%, Carnarvon is confident the drilling of these wells will add to our already extensive resource base, providing potential future tie-backs to Dorado or supporting new standalone project hubs.

Several prospects are now being high graded as potential near-term drilling campaigns. 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.

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.”