Carnarvon Petroleum has secured the AC/P62 permit within the Southern Vulcan Sub-basin located in the Bonaparte Basin on Western Australia’s North West Shelf.

The 1,512km² shallow water permit is said to contain several leads in the producing basin, which also hosts the Montara, Jabiru, Skua and Challis oilfields.

Recently, offshore geophysical company Polarcus acquired the Cygnus 3D survey over 682km² of the AC/P62 acreage.

Carnarvon Petroleum managing director Adrian Cook said: “AC/P62 is another demonstration of our team’s ability to acquire oil-prone exploration permits within proven petroleum systems.

“This is Carnarvon’s first permit within the Vulcan Sub-basin, adjacent to the Skua and Montara oil fields. Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.

“Jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”

“I look forward to seeing the next phase of our team’s technical work and having the prospects within AC/P62 matured to drillable status.”

In order to mature the prospects within the block, the company intends to undertake several geoscience work-flows as part of the work programme, including a satellite seep survey, high-resolution biostratigraphy, fluid inclusion analysis, and petrophysical reviews.

In addition, the programme will comprise burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus 3D.

The company noted that multiple Jurassic leads were identified over several reservoir levels.

Currently, technical investigations are in progress to evaluate the potential for secondary plays in the shallower, late Cretaceous stratigraphy.