Apache, JX Nippon Farm Into Western Australian Offshore Permits

Apache, JX Nippon Enter Farm Into Western Australian Offshore Permits

Apache Northwest Pty Ltd and JX Nippon Oil & Gas Exploration (Australia) today signed farm-in agreements with Carnarvon Petroleum Limited and Joint Venture partner, Finder Exploration Pty Ltd to acquire interests in exploration permits offshore Western Australia.

The permits WA-435-P and WA-437-P hold Phoenix South and Roc prospects, respectively.  According to Carnarvon and Finder evaluations, both the prospects have the potential to contain multi Tcf. of recoverable gas and significant associated volumes of liquids. The prospects are located near the Phoenix-1 gas discovery.

Adrian Cook, Carnarvon CEO and Managing Director was happy to welcome new partners to the JV: “Carnarvon is pleased to welcome Apache and JX Nippon to the Joint Venture and is looking forward to working with the other Joint Venture participants in realising the potential in these permits. This is an exciting time for Carnarvon and its shareholders given the resource potential of both the Phoenix South and Roc prospects.”

Following the execution of the farm-in agreements, Apache will take over operatorship of the two blocks with a 40 per cent interest, while Carnarvon, Finder and JX Nippon will own a 20 per cent stake each.

Phoenix and Roc prospects will both target gas in lower Triassic reservoirs, but Carnarvon also expressed belief that the area has the potential to hold significant oil reserves. Carnarvon said that approximately 25 new exploration wells will be drilled in the next five years in this region.

Offshore Energy Today Staff, October 18, 2012

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply