Carnarvon Petroleum Granted Cerebrus Project extension
Monday 8 May 2017
Carnarvon Petroleum has provided an update on the timing and extent of technical work that is being completed on the EP-490, EP-491, TP/27 and EP-475 exploration blocks in the North West Shelf offshore Western Australia, collectively termed the 'Cerberus' project.
Suspension and Extension Approval
The Company has been recently notified by the Department of Mines and Petroleum ('DMP') of the Government of Western Australia that the application to suspend and extend the year 3 work commitments has been approved. This will allow Carnarvon sufficient time to prepare to drill a contingent well in 2018 and complete the necessary efforts to secure a partner to help fund the necessary exploration drilling. The 2018 drilling will be contingent upon Carnarvon agreeing to enter into the next commitment year in May 2018. This has also allowed the EP-490, EP-491 and TP/27 exploration permits to be aligned with the drilling commitments in the EP-475 exploration block.
Large Acreage Position
The Cerberus blocks cover a large 3,700 km2 area in the heartland of the prolific Northern Carnarvon Basin, relatively close to a number of producing oil and gas fields. Current prospects contain 624 million barrels of recoverable oil on a Pmean basis.