Carnarvon Petroleum has secured the AC/P63 permit within the Southern Vulcan Sub-basin of Western Australia’s North West Shelf.
Known as the Eagle project, the 585km² shallow water permit contains several attractive Jurassic and Cretaceous leads.
The new permit is hosted in the same proven oil producing basin that contains the Talbot, Jabiru, and Cassini/Challis oilfields.
Polarcus is acquiring Carnarvon’s recent Cygnus MC3D (Phase 3) survey over 542km² of the recently awarded project.
The survey is projected to improve the interpretation of the permit’s prospectivity.
Carnarvon Petroleum managing director Adrian Cook said: “The Eagle project is another demonstration of our team’s ability to acquire oil-prone exploration permits within proven petroleum systems.
“This is Carnarvon’s second permit within the Vulcan Sub-basin, adjacent to the Skua and Cassini/Challis oilfields.
“Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”
According to the company, data from the Cygnus MC3D survey enabled improvement in imaging of the subsurface in its recently awarded Condor Project (AC/P62).
The company is planning to undertake several geoscience work-flows as part of the work programme in a bid to mature the identified leads to prospects within the block.
The planned work-flows include a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, in addition to rock physics analysis and seismic inversion of the Cygnus MC3D.
In addition, Carnarvon’s ongoing technical investigations will focus on unlocking the potential for secondary plays in the shallower, Late-Cretaceous stratigraphy.
Recently, the company revised prospective resources estimate in the Labyrinth project, which is located in the Roebuck Basin in the North West Shelf of Western Australia.