Sign up Australia
Proactive Investors - Run By Investors For Investors

Carnarvon Petroleum to unlock value in new Eagle Project using improved technology

The 585 square kilometre permit will be known as the Eagle Project.
Map showing new permits
Shallow water depths should result in lower cost drilling and field developments

Carnarvon Petroleum Limited (ASX:CVN) has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s North West Shelf.

This 585 square kilometre permit which will be known as the Eagle Project is in shallow water and contains multiple attractive leads.

It is situated in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini / Challis oil fields.

Potential for lower cost drilling and field developments

Adrian Cook, managing director said: “The Eagle Project is another demonstration of our team’s ability to acquire oil prone exploration permits within proven petroleum systems.

“This is Carnarvon’s second permit within the Vulcan Sub-basin, adjacent to the Skua and Cassini/Challis oil fields.

“Given the shallow water depths, jack-up drilling is possible, meaning the potential for lower cost drilling and field developments in the permit.”

Carnarvon backs its leading technology to unlock value

Carnarvon prides itself on applying leading technologies to its technical work to assist in unlocking production potential.

The Cygnus MC3D (Phase III) survey is being acquired by Polarcus over circa 542 square kilometres of the recently awarded project.

It is expected to create a new standard in the interpretation of the prospectivity in this permit.

Imaging far better than historical seismic data

Previous seismic interpretation in this area has been hampered by poor quality historic seismic data.

Carnarvon has already experienced significant improvement in imaging of the sub-surface in its recently awarded Condor Project as a result of the Cygnus MC3D data.

Carnarvon aims to mature the identified leads to prospects within the block, with a number of geoscience work-flows as part of the program.

Carnarvon also targeting shallower plays

These will include a satellite seep survey, petrophysical reviews, burial modelling, fault seal analysis, rock physics analysis and seismic inversion of the Cygnus MC3D.

From a geological perspective management believes there is the potential for secondary plays in the shallower, Late Cretaceous stratigraphy.

These will be the focus of Carnarvon’s ongoing technical investigations.

Analysts see share price upside potential

Carnarvon’s shares have run strongly in 2018, increasing circa 30% to trade as high as $0.13 last week.

However, analysts at Hartley see further upside in the stock with their price target set at $0.25.

READ: Carnarvon Petroleum's leverage to recovering oil price underappreciated says Hartleys

View full CVN profile View Profile

Carnarvon Petroleum Ltd Timeline

Related Articles

The project site in Greenland
March 22 2018
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.
coal trucks
March 14 2018
Polish group Cobant is the latest partner and will work with AEG to develop a new "Super Fuel" that combines CoalSwitch and reclaimed coal
oil and gas operations
April 26 2018
The Verbier discovery was a breakthrough in 2017, and the 2018 progammes aims to follow up that success.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use