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May 29, 2014

Carnarvon secures new oil and gas block offshore Australia

Carnarvon Petroleum has secured a new oil and gas exploration block in the Barrow Sub-basin offshore Western Australia.

Offshore

Carnarvon Petroleum has secured a new oil and gas exploration block in the Barrow Sub-basin offshore Western Australia.

The 1,450kmĀ² EP 491 block is adjacent to Harriet’s joint-venture oil and gas fields, which have produced more than 100 million barrels of oil and 175 billion cubic feet of natural gas.

Apache Energy operates oil and gas processing facilities on Varanus Island, where extensive infrastructure exists within the Harriet area.

EP-491 is located on the eastern flank of prolific oil producing Barrow Sub-basin with a substantial area already covered by 3D seismic data.

"The Wandoo and Stag fields have recoverable oil estimated to be around 100 million and 50 million barrels respectively."

Carnarvon said that major hydrocarbon accumulations also occur further north of the blocks in a different reservoir setting.

The Wandoo and Stag fields have recoverable oil estimated to be around 100 million and 50 million barrels respectively.

The initial three-year period work commitments are limited to reprocessing the current 3D seismic and geological studies.

Carnarvon Petroleum managing director Adrian Cook said: "Securing a significant acreage position just to the south of two major oil fields with minimal commitments compliments Carnarvon’s strategy for expansion on the North-West Shelf.

"That the blocks are already covered by extensive modern 3D data, combined with shallow water depths and reservoir targets, means that future exploration costs will be kept to a minimum as we pursue significant oil prospects in the acreage."


Image: Petroleum exploration permit EP-491 (bid block L11-7) on the eastern flank of the prolific oil producing Barrow Sub-basin. Photo: courtesy of Carnarvon Petroleum.

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