The successful Pavo-1 oil discovery significantly increases Carnarvon's oil resources for potential development through the Dorado facilities, located around 46 kilometres from Pavo.
The greater Pavo closure comprises a northern structure, from which the Pavo-1 well recovered hydrocarbons (Pavo North contingent resource), and a southern structure (Pavo South prospective resource). The two structures are separated by a narrow syncline, with the depth of the syncline being shallower than an interpreted residual oil-water contact noted in Pavo-1. This supports the position that Pavo South is likely filled with the same oil encountered in Pavo North.
Carnarvon Managing Director and CEO, Mr
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Potential development
The Pavo structure is located around 46 kilometres east of the proposed location of the Dorado production facilities. The Dorado production facilities will consist of a wellhead platform connected to a Floating Production, Storage and Offloading ('FPSO') vessel located approximately 2 kilometres from each other. The design for the facilities allows for flexibility to bring in hydrocarbon fluids (liquids and/or gas) from other fields for processing and storage, with provision for a future phase of gas production and export. During initial oil production of the Dorado field (Phase 1), gas will be re-injected to enhance the oil recovery. This will result in very high initial rates of oil production, with the facilities being designed to handle rates of up to 100,000 barrels of oil per day. Fluid production rates from Dorado are expected to naturally decline after a plateau period of 1-2 years, at which time there will be spare capacity in the crude oil handling facilities, allowing for back-fill from new fields such as Pavo. The Pavo field lies within industry standard ranges for tie-back distance and could be delivered to the Dorado facilities at a time and rate that enables very efficient utilisation of the Dorado facility and extends the period of time the Dorado project can produce at capacity
Resource information
Carnarvon calculates reserves and resources according to the
Forward-looking statements
This announcement contains certain 'forward-looking statements', which can generally be identified by the use of words such as 'will', 'may', 'could', 'likely', 'ongoing', 'anticipate', 'estimate', 'expect', 'project', 'intend', 'plan', 'believe', 'target', 'forecast', 'goal', 'objective', 'aim', 'seek' and other words and terms of similar meaning. Carnarvon cannot guarantee that any forward-looking statement will be realised. Achievement of anticipated results is subject to risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements, and you are cautioned not to put undue reliance on any forward-looking statement.
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