News Column

Partners Commit to Carnarvon Permits

August 20, 2014



ENP Newswire - 20 August 2014

Release date- 19082014 - Carnarvon Petroleum Limited (ASX: CVN) is pleased to advise shareholders that Apache Northwest Pty Ltd and JX Nippon have formally notified Carnarvon that they are committed to drilling the Roc prospect in WA-437-P in the North West Shelf of Western Australia.

In doing so they will pay the earn-in costs to a cap of US$70 million (gross). The Roc prospect is a follow up exploration well to the major new oil discovery made at the Phoenix South-1 well. In addition to the above, Apache has exercised its option to acquire a 40% interest in WA-436-P and WA-438-P. Apache will assume operatorship of these permits and Carnarvon retains a 30% interest.

Managing Director, Mr Adrian Cook said 'Following the recent and exciting oil discovery in the Phoenix South-1 well, I am delighted that Apache and JX Nippon have committed to drilling the Roc prospect and to join ourselves and Finder Exploration as we look for more exploration success in the area. At this stage I expect the Roc well will be drilled in 2015 with an Apache contracted Jack-Up drilling rig.

Apache is a well-renowned global exploration and production company and we look forward to working with them as the operator of all four of the Permits we now share.'

Contact:

Mr Thomson Naude

Company Secretary

Carnarvon Petroleum Limited

Tel: (08) 9321 2665

Email: investor.relations@cvn.com.au


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Source: ENP Newswire


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