Carnarvon Petroleum Ltd was awarded exploration permit AC/P62, located in the Vulcan Sub-basin, Bonaparte Basin, on 2 November 2017.Â  The permit has been awarded for a period of six years and will expire, or be eligible for renewal, on 1 November 2023. Work commitments have been assigned for the duration of the permitâs validity. In the first three year term work programme, to be completed by November 2020 and which is committed, Carnarvon will be undertaking review of available data including petrophysics data, fault seal analysis and well biostratigraphy reviews.Â  In the following terms, to be committed to on a year by year basis, well planning is outlined for year 4, with the subsequent well drilled in year 5 at a cost of around AUD 30 million.Â  Total cost for the six year work programme is estimated at around AUD 37 million. The permit was applied for after being offered as block AC16-3 in the 2016 Offshore Federal Acreage Release.Â   AC/P62 contains two existing discoveries: Keeling and Great Auk, which were discovered in January 1990 and May 2009 respectively.Â  Both were considered non-commercial.Â  There are some additional historical exploration wells within the permit area, though most were dry and only a couple encountered shows. AC/P62, which covers an area of 1,503 sq km, was awarded on 2 November 2017.Â  Carnarvon Petroleum Ltd holds 100% interest and operatorship of the permit. Â  Â 
Carnarvon Petr. has been awarded AC/P62 block (1512kmÂ²).