Carnarvon granted exploration licence

Oil producer Carnarvon Petroleum NL said it had been granted exploration licence L94-6 in the Carnarvon Basin. The licence, covering the Boyd Prospect, was one of the first offshore petroleum titles to be granted by the West Australian government since its Native Title Act came into effect on January 1, 1995. Other companies with exploration interests in the area include Tap Oil NL as operator and First Australian Resources NL, both with 23 percent each while Goodrich Oil Co GDP.N and Carnarvon hold 20 and 33 percent respectively. Carnarvon said new seismic technology had allowed much more detailed knowledge of the Boyd Prospect which is said to have potential recoverable reserves of between 8 and 32 MMSTB.