phoenix update

Phoenix update
15 December 2011
Registered Office
Enquiries to:
Philip Huizenga
(General Manager – Operations)
Ground Floor
1322 Hay Street
West Perth WA 6005
PO Box 99
West Perth WA 6872
Telephone: 08 9321 2665
Fax: 08 9321 8867
Email: [email protected]
ASX Code: CVN
Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide shareholders with
the following update covering its interests in the Bedout sub-basin, offshore Western Australia.
Carnarvon’s interests comprise 50% in exploration permits WA-435-P, WA-436-P, WA-437-P and
WA-438-P and 100% in exploration permit WA-443-P as outlined on the following page.
Farm-out process commences as scheduled
Carnarvon is pleased to advise that the farm-out process for its interests in exploration permits
WA-435-P and WA-437-P commenced as scheduled. Carnarvon’s joint venture partner in these
permits, Finder Exploration Pty Ltd (“Finder”), recently issued invitations to relevant parties to
consider this farm-in opportunity. Attached is a copy of the executive overview issued by Finder
as part of the invitation to attend the farm-in data room.
New 3D seismic data being acquired
Fugro Multi Client Services Pty Ltd (“Fugro”) commenced the acquisition of a substantial
~4,247 km2 new 3D seismic data program (the “Zeester” 3D acquisition) on 13 December 2011.
The acquisition area covers WA-435-P, WA-436-P and WA-443-P as illustrated on the following
page. The acquisition program is expected to take approximately three months to complete,
subject to weather and other operational factors. The data will be available to Carnarvon on a
multi client basis, although at this stage Carnarvon has not committed to licence the data. The
new seismic data is expected to be invaluable in advancing the prospects and leads identified in
this area and the maturing of these assets for farm-out in the future. The acquisition also
compliments the 1,100km2 3D seismic data acquired in 2010/2011 over the WA-435-P and
WA-437-P permits.
Increasing industry interest in the region
The recent award of new exploration permits to operator Woodside Petroleum Limited
(“Woodside”) is an indication of growing interest in the region. Woodside was recently awarded
operatorship and 100% interests in WA-465-P and WA-467-P and operatorship and 55%
interests in WA-462-P, WA-464-P and WA-466-P. Shell Development (Australia) Pty Ltd holds
the balancing 45% interest. It is also expected that this increased level of activity will improve the
availability and cost of relevant service equipment, such as seismic vessels and drilling rigs in the
future.
For further information on the Company please visit the CVN website at: www.carnarvon.com.au
For all enquiries please contact Adrian Cook by telephone on 08 9321 2665 or email:
[email protected]
Yours faithfully
Adrian Cook
Managing Directo