Carnarvon Petroleum
Printable company profile from OilVoice
Address
Suite 3
Ground Floor
16 Ord Street
West Perth WA 6005
Australia
PO Box 99
West Perth WA 6872
Tel 08 9321 2665
Fax 08 9321 8867
Web http://www.carnarvonpetroleum.com
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Capex
Future Plans
Carnarvon is well positioned with strong projected cash flows on which to build the company, with a very active drilling programme of some 20 wells planned for the calendar year 2008. The company has no debt, and with no hedging in place is able to take advantage of the high oil prices.
The initial profitability and substantial cash flows now being generated by the Phetchabun Basin joint venture clearly demonstrate the very rapid progress that has been achieved by the Pan Orient led joint venture in Thailand. It has been just 15 months since the discovery well POE-9 first drilled into fractured volcanic reservoirs at Na Sanun East. Since then, net oil production to Carnarvon has increased from around 100 bopd to approximately 3,800 bopd early in 2008.
Production
Oil production, net to Carnarvon, averaged 1,050 bopd over the half year to December 31, 2007, which compares with 288 bopd in the half year to 30 June 2007. At 31 December 2007 average production was 2,900 bopd net to Carnarvon (net production in March 2008 was around 3,800 bopd).Reserves
A significant reserve upgrade by independent consulting firm Gaffney Cline & Associates Ltd. identified net 2P oil reserves of 11.377 million barrels of oil to Carnarvon, an increase of over 300% above previously published oil reserves estimates. A drilling programme of up to 20 exploration, appraisal and development wells is likely to add further reserves through 2008.