Carnarvon Petroleum has secured 35% stake in license TR/3 in the Barrow sub-basin offshore Austrailia, joining operator Quadrant Energy.
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Image of the Noble Tom Prosser, courtesy of Noble. |
The project comprises of existing oil resources, a drill ready prospect and a suite of related and nearby prospects and leads. This includes the previously discovered Blencathra oil resource, WA-155-P containing the Outtrim-1 oil discovery and WA-486-P.
The objective of this project is to discover and aggregate sufficient oil resources to underpin a field development.
Central to this strategy will be the result of the Outtrim East-1 well, which will in addition to testing the extent of oil discovered in the Outtrim-1 reservoir, investigate the potential for new oil charged sands to the north and east of the original 1984 well.
Quadrant is currently planning to drill the Outtrim East-1 well around June 2016 using the contracted Noble Tom Prosser jackup.
“This project illustrates the mutual confidence and strong relationship between Carnarvon and Quadrant Energy, as well as underpinning our focus on North West Shelf oil and gas exploration," Carnarvon managing director and CEO, Adrian Cook said. “The opportunity provides us with tremendous upside potential for a relatively modest investment, and represents another step forward in our strategy to position Carnarvon for a recovery in oil prices.”
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