Carnarvon Petroleum Ltd was awarded exploration permit AC/P63, located in the Vulcan Sub-basin, Bonaparte Basin, on 8 February 2018.Â  The permit has been awarded for a period of six years and will expire, or be eligible for renewal, on 7 February 2024. Work commitments have been assigned for the duration of the permitâs validity.Â  For the first three-year period, which is committed, the operator will licence or purchase 542 sq km 3D data from the multi-client Cygnus survey, undertaken in late 2015/early 2016, and will then conduct analysis and reprocessing of this, and additional, seismic over the licence area.Â  A well is planned under the contingent work commitments, scheduled between February 2022 and February 2023, at an estimated cost of AUD 30 million. Pre- and post-well studies are also included in the work commitments. The permit was awarded after being offered as block AC17-3 in the 2017 Federal Offshore Acreage Release. It is the first permit to be announced as awarded from this round, which saw 11 blocks close in October 2017.Â  Ten blocks remain open. AC/P63, which covers an area of 585 sq km, was awarded on 8 February 2018.Â  Carnarvon Petroleum Ltd holds 100% interest and operatorship of the permit.
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