The Department of Mines and Petroleum (DMP) of the government of Western Australia approved Carnarvon Petroleum’s application to suspend and extend the year three work commitments for the Cerberus project.
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Map of Cerberus, from Carnarvon. |
The Cerberus blocks cover a large 3700sq km area in the heartland of the prolific Northern Carnarvon Basin, relatively close to a number of producing oil and gas fields. Current prospects contain 624 MMbbl of recoverable oil on a Pmean basis. Cerberus consists of the EP-490, EP-491, TP/27 and EP-475 exploration blocks in the North West Shelf offshore Western Australia.
The suspension and extension approval will allow Carnarvon sufficient time to prepare to drill a contingent well in 2018 and complete the necessary efforts to secure a partner to help fund the necessary exploration drilling. The 2018 drilling will be contingent upon Carnarvon agreeing to enter into the next commitment year in May 2018. This has also allowed the EP-490, EP-491 and TP/27 exploration permits to be aligned with the drilling commitments in the EP-475 exploration block.
Resource analysis of the leads and prospects has resulted in meaningful estimates for a number of well-defined prospects and leads. In particular the Honeybadger, Kes and Belfon prospects are estimated to contain a total of 132 MMbbl at the Pmean confidence level. The Belfon prospect is defined as a horst block structure, with Permian Kennedy Formation reservoir sealed by the regional Locker Shale. The Honeybadger prospect is similar in nature to the Kes prospect outlined above Further prospective resources have been outlined in a number of other leads within the exploration blocks, consisting of a number of different petroleum plays.
Carnarvon is the 100% owner and operator of the acreage.
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