Carnarvon Petroleum - Labyrinth Project: Prospective Resource Update
Tuesday 13 February 2018
The Labyrinth project is located in the Rowley Sub-basin, offshore Western Australian on the North West Shelf, north of Carnarvon’s Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 and 500m.
Carnarvon Petroleum Limited is pleased to provide an update on the prospective resources in the Labyrinth project (WA-521-P exploration permit) based on the completion of detailed petrophysical analysis leveraging the learnings from the successful Roc and Phoenix South wells in the adjacent permits.
Using knowledge gained from the hydrocarbon discoveries at Roc and Phoenix South extensive technical work has been recently completed in order to refine the understanding of the hydrocarbon potential of the Labyrinth project. In particular, revised petrophysical analysis has resulted in updated prospective resource estimates of the most significant prospects and leads.
The total unrisked prospective resource of the eight most highly ranked prospects is over 1.5 billion barrels recoverable at the Pmean confidence level. A number of other leads have also been identified.
The Ivory prospect in particular is the standout target within the Labyrinth project with significant oil prospectively over two levels with a total mean prospective resource of over 420 million barrels.
Play level risks have also been evaluated for these prospects and leads based on the current 2D seismic data with a resultant 1 in 5 chance of success for the shallower prospects. 3D seismic, expected to be acquired as part of the ongoing work program, will refine potential drilling locations and is also expected to enhance the chance of success of this play.