Carnarvon Energy Ltd (ASX:CVN) CEO Adrian Cook tells Proactive the company is taking steps to unlock further oil and gas resources in the Bedout Sub-basin offshore Western Australia with evaluation of 3D seismic data resulting in an unrivalled spread of highly attractive prospects. The interpretation work has led to the joint venture (JV) targeting five strategic prospects containing a combined material resource of 623 million barrels of oil equivalent (gross, unrisked Pmean). He says theyve been strategically selected for their potential to build resource scale, de-risk significant prospectivity within nearby clusters and strengthen a number of development opportunities.
Cook said: As evidenced by Carnarvons recent partial divestment of a 10% interest in its Bedout assets to CPC Corporation, Taiwan, the Bedout Sub-basin represents Australia's most prospective and exciting offshore exploration acreage.
"The latest interpretation results emphasise the substantial amount of prospective running room to be had if any one of the identified resource clusters are successful.
"As we progressively evaluate the latest 3D seismic data, we have the difficult task of deciding which of the high-graded targets to drill first across a plethora of highly attractive opportunities.
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Carnarvon Energy Ltd