Carnarvon Energy has secured the Transocean Equinox semi-submersible drilling rig for a multi-well campaign that includes exploration wells in the Bedout Sub-basin offshore Western Australia, with drilling scheduled to begin from April 2027.
The 2027 campaign is aimed at assessing the scale of the Bedout Sub-basin's resource potential and will target some of the largest prospects in the exploration portfolio, including Ara, Yuma, Goats Eye and Hutton.
The Transocean Equinox was selected following a rig tender process that began in early 2025. The rig is currently working on a multi-well exploration campaign offshore Victoria and is expected to become available early next year.
The drilling program includes one firm well and one contingent well in Carnarvon's exploration permits. If both wells are drilled, Carnarvon said its share of the costs would be approximately $14.3 million (A$20 million), funded from its cash balance of $70.2 million (A$98 million) as of March 31, 2026.
“We are very excited to have signed the contract for the Transocean Equinox, the critical step for the Company to return to drilling in 2027.
“The signing of the rig contract marks a significant milestone on our return to more regular drilling, and we look forward to drilling at least one, and potentially two, high impact wells next year.
“With our track record and high success rate of 67% when drilling using the latest high quality 3D seismic data, Carnarvon is confident that we will continue to open up the world-class Bedout Sub-basin, with an extension to the north of our previous finds, and in new previously un-tested play-types.
“The Carnarvon team looks forward to working closely with Transocean and the Joint Venture Operator, Santos, to ensure we deliver positive results in a safe and efficient manner,” said Philip Huizenga, Chief Executive Officer of Carnarvon Energy.
Santos operates the Bedout permits, with Carnarvon holding interests ranging from 10% to 20% across the licenses targeted by the campaign.
The drilling program represents Carnarvon's planned return to exploration drilling in the Bedout Sub-basin, where previous discoveries have established the basin as an emerging offshore exploration area.