In relation to their recent announcement... I am liking this...

In relation to their recent announcement... I am liking this potential move into LNG!!!

Carnarvon secures WA permit


Wednesday, 29 July 2009

CARNARVON Petroleum has acquired 100% of a new offshore Western Australian permit for block W08-11, located in the northwestern Bedout Sub-basin within the greater Roebuck Basin.


The block is the company’s first fully owned project and covers 4955 square kilometres in an under-explored area that has received little attention, according to Carnarvon, adjacent to the prolific Carnarvon Basin hydrocarbon province to the southwest.

Carnarvon said in a statement yesterday three wells had been drilled so far.

Phoenix-1 and Phoenix-2 have both intersected extensive gas columns within the low-porosity mid-Triassic reservoir.

Phoenix-1 recorded 110m of net gas-bearing section, however, Carnarvon said further work was required to determine reservoir parameters and whether the discovery could flow at commercial rates.

The company has agreed to reprocess 2500km of seismic and carry out technical studies for the first three years at an estimated cost of about $500,000.

Following the completion of this work, Carnarvon plans to acquire seismic and drill from at least one well in the following three-year indicative program.

Chief executive Ted Jacobson said Carnarvon was looking at ways of accelerating the drilling of appraisal wells on the Phoenix and adjacent structures.