Carnarvon Petroleum Ltd is offering equity in exploration permits AC/P62 and AC/P63, located in the Vulcan Sub-basin, Bonaparte Basin. A dataroom became available from end-October 2019 to demonstrate Jurassic, Triassic and Permian prospects.     The Vulcan Sub-basin is an oil region from proven Triassic, Jurassic and Cretaceous reservoirs. Producing fields include Montara, Skua and Swift which have produced at rates of several Mbopd from individual wells. Carnarvon has stated that from recent broadband and full wave form inversion reprocessing of seismic data, small, intragraben structures can now be mapped accurately, increasing the understanding of fault structures and the prospectively of the basin.  AC/P62 covers an area of 1,503 sq km in the Vulcan Sub-basin and was awarded for a period of six years on 2 November 2017. Carnarvon holds 100% interest in the permit and is offering a farminee circa 40% equity in return for paying 100% of the seismic data licensing fees for Carnarvon. Carnarvon reported that it has already licensed the recently acquired Cygnus 3D data, which covers 682 sq km of the AC/P62 area which has been utilised to improve geological interpretations. The 2010 Cartier 3D survey also covers all of the licenced area.   In the initial guaranteed three-year term, to be completed by November 2020, Carnarvon has been undertaking a review of available data including petrophysics data, fault seal analysis and well biostratigraphy reviews. In the following terms, to be committed to on a year by year basis, well planning is outlined for permit year four, with the subsequent well drilled in year five. Total cost for the six-year work programme is estimated at around AUD 37 million.     However, in April 2020, Carnarvon submitted a programme suspension application to the National Offshore Petroleum Titles Administrator (NOPTA). The assessing Joint Authority is providing increased flexibility for operators to alter permit conditions where impacts of the coronavirus disease 2019 (COVID-19) are apparent (including the reduced capability to complete programmes). If the application is approved, the work programme is likely to be suspended for a period of 12 months.  AC/P62 contains two existing discoveries and nine historical dry wells or wells with shows. Keeling and Great Auk were discovered in January 1990 and May 2009 respectively and are considered non-commercial. The fields and surrounding dry wells are located on basin bounding horst structures with faults to seabed which Carnarvon has stated are likely leaking, completely or partially, from traps.   Carnarvon has delineated three oil prospects in the Triassic and Jurassic sections: Vulture, Chick and Birdie. There are also four, large, Permian oil prospects, including Moa. Within the basin, Permian targets are yet to be explored, but Carnarvon interprets high potential within reefal plays where the risk of hydrocarbon retention could be mitigated by a middle Triassic seal. The Moa Prospect is a Permian reef play which covers an area of approximately 132 sq km and where the crest sits at a depth of around 4,500 m.   AC/P63 covers an area of 585 sq km and was awarded for a period of six years on 8 February 2018. Carnarvon holds 100% interest in the permit and is offering a farminee to acquire circa 50% equity in return for assisting with the year five work programme to drill the Toucan Prospect (estimated AUD 30 million).   Carnarvon reports that it has identified a number of Jurassic and Cretaceous leads within the previously difficult to image intra graben areas, within structures that have faults which terminate within the Jurassic/Cretaceous syn rift, similar to the locations of intra graben fields such as Skua and Montara.Â The Jurassic Toucan Prospect is considered 'drill-ready' with around 6 sq km closure with 140 m of vertical relief. The primary target would be the crest of a structural high of the Plover Formation at around 1,900 m below sea level. Carnarvon interprets that hydrocarbon charge could come from both the Plover and Vulcan formations and the trap is considered fault bounded, terminating in the Cretaceous level.  Work commitments assigned to AC/P63 include, for the first three-year period, licensing or purchasing 3D data from the Cygnus survey, undertaken in late 2015/early 2016, and analysis and reprocessing of this, and additional, seismic over the licence area. A well is planned under the contingent work commitments, scheduled between February 2022 and February 2023. Pre- and post-well studies are also included in the work commitments.  Companies interested in pursuing this opportunity should contact:  Stephen Molyneux â Exploration Manager  Tel:Â Â Â Â Â  +61 8 9312 2665  Email:Â  smolyneux@cvn.com.au   Jeff Goodall, Chief Geologist  Email: jgoodall@cvn.com.au
Carnarvon Petroleum Ltd AC/P62 and AC/P63, Bonaparte Basin - farm-in opportunity open