Australia’s Carnarvon Energy is looking for a farm-in partner for its Labyrinth project offshore W. Australia.
The company, focused on near-term drilling projects at Phoenix and Dorado projects next year, on Tuesday shed more light on its other project, the Labyrinth in WA-521-P exploration block.
The Labyrinth project is located on the North West Shelf in the Rowley Sub-basin, offshore Western Australia.
Carnarvon provided last update on the Labyrinth project back in June, so Managing Director Adrian Cook , felt it was time to update the shareholders on the plans there.
He said: “As we’re beginning to see improving sentiment in the oil and gas sector the Carnarvon team is preparing to commence the process to farm out the Labyrinth project in the new year. We’ll make a call on this in late January and, fingers crossed, we’ll find a like minded partner keen to join us in taking this pretty exciting project forward.”
Back in June, Carnarvon said that Labyrinth and Mouse prospects in estimated to contain ~400 million barrels of recoverable oil each (Pmean).
Cook on Tuesday said: “Given the large volume potential involved in the Labyrinth project, any success here will be a game changer for Carnarvon and the area.”
Carnarvon acquired the exploration permit in March 2016 by committing to undertake a work program that included the reprocessing of existing 2D seismic data and geological / geophysical studies. Carnarvon holds the permit 100% and is the operator.