EAGLE PROJECT

Figure 7. Outline of the AC/P62 and AC/P63 permits in relation to existing fields.

Carnarvon was awarded the AC/P62 (Condor) permit in November 2017 and the AC/P63 (Eagle) permit in February 2018 within the Vulcan sub-basin. Carnarvon identified the opportunity to secure these assets whilst developing its extensive regional database across the North West Shelf of Australia.

The Vulcan sub-basin is a proven and prolific region within the greater Bonaparte basin, containing numerous oil and gas fields. The acquisition of brand new MC3D Cygnus pSDM seismic data has been a game changer for the basin, which has historically been hampered by poor quality vintage data.

With considerable assistance from the improved data, Carnarvon has identified several exciting prospects and leads across the Condor and Eagle projects. Within the Condor project, the standout prospect is Moa, which is a new play type for the North-West shelf of Australia, offering great potential for a large resource. Moa is a late Permian carbonate reef oil prospect of 132km2 and is associated with at least four other leads of this Permian age.

During the year, Carnarvon was granted a suspension and extension approval from the regulator for the AC/P62 permit. The grant of the approval for AC/P62 will allow Carnarvon additional time to assess the third phase of the Cygnus 3D data which will be available towards the end of the year.

Carnarvon’s work to date in the Vulcan Sub-basin has been greatly enhanced by the utilisation of the high-quality Cygnus 3D survey which was completed by Polarcus in 2018. This third phase of the Cygnus data will cover a 317 square kilometres region of the Condor permit which has historically only been covered by 2D seismic.

The technical work on the existing 2D seismic data has shown the possibilities for Cretaceous, Jurassic, Triassic and Permian fault blocks in this area. The new 3D seismic will clarify the prospectivity of this area. Significantly, given the depth and location of the prospects, there is great potential for these targets to be oil charged.

Carnarvon was also granted a suspension and extension approval for the Eagle permit, AC/P63. The approval was to accommodate for the delays which have been experienced due to the COVID-19 restrictions.

The technical work to date has successfully de-risked the reservoir, presence of oil and the quality of hydrocarbons in the Eagle project. The recent Orchid discovery, nearby to the Eagle permit, has also enhanced the potential of the identified prospects.

The standout target identified to date within AC/P63 is the Toucan prospect. Toucan is a large, Middle Jurassic, fault bounded structure with seven square kilometre areal extent and 140 metre structural closure. The structure sits on the North-east flank of the Skua Trough, with access to migration of hydrocarbons generated by the proven Middle and Late Jurassic (Lower Vulcan and Plover) oil-prone source rocks.

The nearby discoveries of Skua, Talbot, Cassini and Challis oil fields confirm effective migration from the Skua and other surrounding kitchens which gives considerable optimism for the Toucan prospect.

Carnarvon is currently seeking farm-in interest for the Condor and Eagle projects in order to progress the exciting prospects they contain.

Figure 7. Outline of the AC/P62 and AC/P63 permits in relation to existing fields.