Apache prepares Australian seismic program

Offshore staff

PERTH, Western Australia -- Carnarvon Petroleum has updated its exploration programs in six concessions off Western Australia.

On the WA-399-P permit, new operator Apache Energy will start work on a new 3D seismic acquisition survey later this year. The program goes beyond the terms of the minimum commitment, and should lead to further de-risking of various mapped prospects.

In WA-435-P, WA-437-P, and WA-438-P, Carnarvon is a 50-50 partner with operator Finder Exploration. The partnership has gone through all available data, completing a technical review of the regional geology, petroleum systems and plays, time and depth mapping, and lead identification.

Aeromagnetic data acquisition is also complete (the total area covered was 15,856 sq km, or 6,122 sq mi), with processing and interpretation in progress. During mid-August, the partners plan to start acquiring new 2D (well tie lines) and 3D seismic data (1,100 sq km, or 425 sq mi).

Once interpretation of the seismic surveys is concluded, Carnarvon will seek to farm out part of its interests for a financial carry through an exploration drilling program, the scope of which has yet to be determined. Drilling will start as soon as possible following the transaction.

There has been no prior drilling in the Carnarvon-operated WA-443-P block, which carries a three-year commitment that includes reprocessing and interpreting of 1,400 km (870 mi) of 2D seismic data.

One large Middle Triassic prospect has been interpreted as a faulted anticlinal closure. Carnarvon believes its structural form and size are both comparable to the adjacent Phoenix group of gas accumulations.

The company also plans to conduct geological and geophysical studies in tandem with similar work in the Phoenix permits.

07/30/2010