Wednesday 14 February 2018

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to inform shareholders that it has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s North West Shelf which will be known as the Eagle Project.

This 585km² permit is in shallow water and contains multiple attractive leads in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini / Challis oil fields.

Carnarvon prides itself on applying leading technologies to its technical work to assist in unlocking an area’s potential. The recent Cygnus MC3D (Phase 3) survey, which is being acquired by Polarcus over approximately 542km² of the recently awarded project, is expected to create a new standard in the interpretation of the prospectivity in this permit. Previous seismic interpretation in this area has been hampered by poor quality vintage seismic data. Carnarvon has already experienced significant improvement in imaging of the subsurface in its recently awarded Condor Project (AC/P62) as a result of the Cygnus MC3D data.

Carnarvon aims to mature the identified leads to prospects within the block, with a number of geoscience work-flows as part of the work program, including a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus MC3D.

Carnarvon has identified several Jurassic and Cretaceous leads, over multiple reservoir levels. There is also potential for secondary plays in the shallower, Late Cretaceous stratigraphy that will be the focus of Carnarvon’s ongoing technical investigations.