Carnarvon Petroleum has released its latest quarterly report, detailing the developments within the company’s projects in the Australian North-West shelf, off the coast of Western Australia over the past three months.
Drilling at the company’s Phoenix South-3 well, a re-drilling of the incomplete Phoenix South-2 well, is expected to begin in March 2018. Carnarvon and joint venture partner Quadrant Energy (the project’s operator) have also secured a rig contract for the Dorado-1 well, with drilling expected to commence by May 2018.
Its 100 per cent-owned Labyrinth project also continues to show promise, with 2D seismic data results showing total recoverable prospective resources upwards of 1.5 billion barrels. Carnarvon is now seeking a partner for further seismic studies, this time in 3D.
The company has also continued work on its 100 per cent-owned Buffalo oil field project, with a recent independent audit from August 2017 resulting in estimated contingent resources of 31 million barrels.
Carnarvon managing director and chief executive officer Adrian Cook at the time stated that the next step would be to focus on field redevelopment, secure a production licence and associate approvals, and finalise funding for redevelopment, so in this regard the project is progressing.
Carnarvon also reported an exploration and evaluation spend of $1.1 million for the quarter and total operation spend of $1.65 million.