Highlights Â  Ivory prospect estimated to contain 420 million barrels of mean recoverable oil over 2 levels Total of over 1.5 billion barrels of recoverable prospective resource identified in the permit to date Carnarvon uniquely positioned to draw on proprietary data from the successful Roc and Phoenix discoveries on trend in the neighbouring permits Â  Carnarvon Petroleum has provided an update on the prospective resources in the Labyrinth project (WA-521-P exploration permit) based on the completion of detailed petrophysical analysis leveraging the learnings from the successful Roc and Phoenix South wells in the adjacent permits. Â  The Labyrinth project is located in the Rowley Sub-basin, offshore Western Australian on the North West Shelf, north of Carnarvonâs Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 and 500m (See map below).Labyrinth is located to the North West of the play opening Roc and Phoenix South discoveriesProspect and lead inventory for Labyrinth project Prospects- Multiple stratigraphic levels Â  Using knowledge gained from the hydrocarbon discoveries at Roc and Phoenix South extensive technical work has been recently completed in order to refine the understanding of the hydrocarbon potential of the Labyrinth project.Â  In particular, revised petrophysical analysis has resulted in updated prospective resource estimates of the most significant prospects and leads. (Refer to map above for the prospect and leads maps). Â  The total unrisked prospective resource of the eight most highly ranked prospects is over 1.5 billion barrels recoverable at the Pmean confidence level (Refer table below).Â  A number of other leads have also been identified. Â  The Ivory prospect in particular is the standout target within the Labyrinth project with significant oil prospectively over two levels with a total mean prospective resource of over 420 million barrels.Â  Â  Play level risks have also been evaluated for these prospects and leads based on the current 2D seismic data with a resultant 1 in 5 chance of success for the shallower prospects.Â  3D seismic, expected to be acquired as part of the ongoing work program, will refine potential drilling locations and is also expected to enhance the chance of success of this play. Â  Carnarvonâs Managing Director, Mr Adrian Cook said: Â  'The results of the thorough technical work on this project has upgraded the prospective identified to date, making the Labyrinth project a very attractive asset in the Carnarvon portfolio.'Prospective resources of high-graded prospects in the Labyrinth project * Note the Labyrinth prospect has been renamed Ivory About the Labyrinth Project (WA-521-P Exploration Permit) Â  Carnarvon acquired the exploration permit in March 2016 by committing to undertake a work program that included the reprocessing of existing 2D seismic data and geological / geophysical studies. The permit is located in the Roebuck Basin in the North West Shelf of Western Australia and covers an area of approximately 5,000 km2. Â  Carnarvon holds the permit 100% and is the operator. Original article link Source: Carnarvon Petroleum 
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