Carnarvon Energy sets April 2027 Bedout drilling campaign
- Carnarvon Energy booked the Transocean Equinox rig to start exploration drilling in Western Australia's Bedout Sub-basin by April 2027.
- With $97 million in cash and zero debt, the business can easily fund its expected $20 million contribution for the campaign.
- The joint venture aims to test the large Ara prospect to unlock a new geological play north of the Dorado field.
Carnarvon Energy (ASX:CVN) has secured the Transocean Equinox semi-submersible rig to begin a two-well offshore drilling campaign in Western Australia by April 2027.
The upcoming programme contrasts with prior development delays at the nearby Dorado field, shifting immediate market attention towards high-impact exploration.
"Ara is a very large prospect, and one reason we are attracted to it, aside from its size and quality, is that it is a genuine play-opening test for the northern part of our acreage," said Carnarvon Energy CEO Philip Huizenga.
The primary Ara target carries a 37% geological chance of success, targeting gross unrisked prospective resources of 191 million barrels of oil equivalent across permit WA-435-P.
The exploration programme keeps the company on track to expand its resource base while advancing long-term development plans across its offshore acreage.
Following the announcement, the Carnarvon Energy share price was up at $0.10.
Carnarvon Energy holds a 10% to 20% interest in its Bedout Sub-basin permits alongside operator Santos (ASX:STO).
The business also maintains a 19.9% strategic stake in Strike Energy (ASX:STX) while keeping corporate overheads low using interest receipts.
