Labyrinth Project

WA-521-P (“Labyrinth Project”) is located in the Roebuck Basin in the North-West Shelf of Western Australia.

This frontier acreage, which lies directly to the north of the Company’s Bedout permits, was acquired by Carnarvon in 2016 and has been de-risked following the Bedout discoveries. Carnarvon holds 100% equity in the WA-521-P permit, comprising an area of approximately 5,057 square kilometres.

The discovery of hydrocarbons in the Late Triassic section of the Phoenix South-3 well, has enhanced confidence in the hydrocarbon charge within the adjoining WA-521-P Permit. Carnarvon is encouraged by the Late Triassic oil prone source rocks in the Labyrinth permit which are currently within the oil window. This has led to comparison with the proven Late Triassic petroleum systems of the Birds Head area of West Papua, Indonesia and Timor Island.

The nearby Nebo-1 well drilled in the early 1990’s and flowing around 2,000 barrels of oil per day on test, demonstrated that Triassic oil can migrate vertically into Jurassic reservoirs. With the WA-521-P permit containing several large Jurassic structures across multiple reservoirs, there is considerable potential contained within the Labyrinth Project.

During the year, Carnarvon received a suspension and extension approval from the regulator for the WA521-P permit.

The 12-month extension is to accommodate for the delays which have been experienced due to the COVID-19 restrictions which have impacted the Company’s work.

The additional time will allow Carnarvon to continue its review of the interpretive well reports and samples for the nearby Anhalt-1 and Hannover South-1 wells. This well data recently became open file and available to the Company.

Anhalt-1 and Hannover South-1 were the first wells to test the stratigraphy nearby the Labyrinth permit. Their results will be incorporated into Carnarvon’s knowledge of the greater Triassic plays.