Carnarvon, Finder secure Roebuck concessions

Australia’s government has approved award and transfer of interests in four permits in the greater Roebuck basin offshore Western Australia.

Offshore staff

PERTH, Australia -- Australia’s government has approved award and transfer of interests in four permits in the greater Roebuck basin offshore Western Australia. Under the re-alignment, Finder Exploration operates licenses WA-435-P, WA-436-P, WA-437-P, and WA-437-P, with a 50% interest in each. Carnarvon Petroleum has the balance.

Since submitting the bids, the partners have conducted further technical studies, and plan to accelerate their Year 1 program. The revised campaign for 2010 will include acquiring and processing up to 1,100 sq km (425 sq mi) of 3D seismic over permits WA-435-P and WA-437-P, and up to 410 km (255 mi) of 2D data in all four permits.

Additionally, they will acquire and process up to 15,100 sq km (5,830 sq mi) of aeromagnetic data, focusing on WA-436-P and WA-438-P, and re-process a total of 5,253 km (3,264 mi) of 2D data across the four license areas. They also will perform further geological and geophysical studies based on existing and newly acquired data sets.

The permits cover more than 21,000 sq km (8,108 sq mi) in the northwestern part of the Bedout sub-basin, between the Carnarvon basin hydrocarbon province to the southwest and the Browse basin to the northeast. Water depths range from 35-265 m (115-869 ft).

Six wells have been drilled on the acreage, two of which brought mid-Triassic gas discoveries on the large Phoenix structure in WA-435-P. The Phoenix-1 well recorded a net gas-bearing section of 110 m (361 ft), but more work is needed to determine whether the discovery could flow at commercial rates.

A larger, untested prospect has been identified 5-15 km (3.1-9.3 mi) to the southwest, while to the southeast in WA-437-P there is another large, untested Triassic structure. According to Carnarvon, regional geology suggests reservoir quality improves southwards towards these prospects, but the model can only be confirmed through further technical work and drilling.

Carnarvon claims other viable plays are present in the blocks, including oil exploration potential in shallower Cretaceous-age levels.

12/21/2009

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