The rig recently completed drilling the successful Pavo-1 well in proximity to the Apus-1 well location, which resulted in a material oil discovery.
Carnarvon estimates a gross mean recoverable volume of 235 million barrels of liquids and 408 billion cubic feet of gas in the Caley and Milne sands within the Apus structure, with Carnarvon holding an average interest of 25% in the target resource.
ASX disclosure: Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal will be required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Carnarvon Managing Director and CEO, Mr
The Dorado and Pavo results now prove that the petroleum system in the Bedout Sub-basin is effective over a significant area, with the Pavo-1 well lying 46 kilometres east of the Dorado field. In context, the Apus-1 well location is 27 kilometres southwest of the Pavo-1 well and 31 kilometres southeast of the Dorado field. The learnings from Pavo-1, together with the outcomes at Dorado, bode well for Apus-1 and a very large suite of near field prospects that are currently being investigated in detail by the joint venture. Further details on the Apus prospect are outlined in the annexure to this announcement.
Equity participation
The Apus-1 well is located in the WA-437-P exploration permit in which Carnarvon holds a 20% interest. The Apus prospect straddles the boundary between the WA-437-P and WA-438-P exploration permits, with the resource interpreted to extend into WA-438-P in which Carnarvon holds a 30% interest (resulting in an average interest of 25%).
Contact:
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Email: investor.relations@cvn.com.au
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