Carnarvon identifies over 1.5 bln barrels of prospective resource in Labyrinth

Australia’s Carnarvon Petroleum has identified over 1.5 billion barrels of recoverable prospective resources in its Labyrinth project in the WA-521-P exploration permit off Australia.

The Labyrinth project is located in the Rowley Sub-basin, offshore Western Australian on the North West Shelf, north of Carnarvon’s Roc and Phoenix South hydrocarbon discoveries, with water depths between 200 and 500m.

Carnarvon said on Wednesday that the Labyrinth prospective resources were identified using knowledge gained from the hydrocarbon discoveries at Roc and Phoenix South.

In particular, revised petrophysical analysis has resulted in updated prospective resource estimates of the most significant prospects and leads.

According to the company, the total unrisked prospective resource of the eight most highly ranked prospects is over 1.5 billion barrels recoverable at the Pmean confidence level. Several other leads have also been identified.

Carnarvon added that the Ivory prospect was the standout target within the Labyrinth project with a total mean prospective resource of over 420 million barrels.

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.

“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,” the company said.

Carnarvon’s managing director Adrian Cook said: “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.”

Carnarvon acquired the exploration permit in March 2016 by committing to undertake a work program that included the reprocessing of existing 2D seismic data as well as geological and geophysical studies. The permit is located in the Roebuck Basin and covers an area of approximately 5,000 km2. Carnarvon holds the permit 100 percent and is the operator.

The company said in December 2017 that it was searching for a farm-in partner for the Labyrinth project.

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