Thursday 17 September 2020

ew 3D seismic data vastly improves the quality of prospect interpretation around Dorado

• Previous 2D based Apus feature now comprises three leading prospects in Apus, Petrus and Kepler

• The three prospects are estimated to contain an aggregate 293 million barrels of oil (Gross, Pmean)

The volumes in this announcement refer to prospective resources, which are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) has progressed its interpretation of the new Keraudren 3D seismic focusing on the Apus, Petrus and Kepler prospects. These were previously covered by the Bilby 2D data and the current interpretation on the new 3D data now provides a higher level of confidence over these targets.

The primary reservoirs are similar to those that have proven successful in the Dorado field. Further prospectivity is interpreted in the untested Dumont member.

The Apus, Petrus and Kepler prospects are estimated to contain 235 million, 46 million and 12 million barrels of oil respectively (Gross, Pmean), plus associated gas. 

Carnarvon’s Managing Director and Chief Executive Officer, Adrian Cook said:

“In addition to the work being undertaken around the Dorado field development, we continue to assess new growth opportunities through exploration. The Apus structure has both targets that may result in new standalone fields or that maybe tied into the planned Dorado oil field facility.

Options for exploration drilling are being advanced, recognising that a decision to commit to a drilling rig will be subject to an assessment of business conditions at the time.

Carnarvon’s commanding position in the Bedout sub-basin is a rare and valuable asset. Dorado is a highly attractive field in the early phases of its development life cycle. But the addition of large and highly prospective exploration targets nearby is very unique. Typically, assets of this nature are held in much larger organisations. But in this case, Carnarvon represents an unmatched investment proposition, offering exposure to the highquality Dorado field and significant additional upside nearby