EXPLORATION

To be sure, to be sure at Phoenix

STILL riding high on the Phoenix South-1 discovery in August last year, Carnarvon Petroleum has a...

To be sure, to be sure at Phoenix

The Polarcus Asima seismic vessel began its acquisition of the Capreolus 3D data yesterday, set to cover about 5100sq.km.

This data will combine with the 1100sq.km of Phoenix 3D data acquired by Carnarvon and Finder Exploration in late 2010-early 2011.

In addition, the JV has recently agreed to licence 3854sq.km of data acquired about a year later through the Zeester 3D survey.

All in all, the JV will have about 10,000sq.km of data from the 22,000sq.km covered by the four blocks, however, a 2D survey named Bilby is also scheduled for this year, taking in most of the remainder.

The glut of data will be used to identify and refine currently identified prospects and leads for possible future drilling.

Carnarvon will invest about $10 million in licencing the Capreolus, Zeester and Bilby surveys.

"The Phoenix South-1 oil discovery last year is important in terms of the potential for the Phoenix South structure but on a larger scale it provides significant encouragement regarding the hydrocarbon prospectivity within the Phoenix area," Carnarvon CEO Adrian Cook said.

"To refine our understanding of this prospectivity we need to further build our regional understanding and these data sets will be integral to that.

"The decision by the joint venture partners to acquire such a large data set was driven by the current assessment of prospectivity and the current timing is based on significant cost efficiencies and consideration of the timeframes necessary to prepare future drill ready prospects.

"This initiative will become particularly important, and valuable, if the outcome of the Roc-1 well is as we hope later this year."

The Roc well is expected to be drilled in the middle of the year.

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