CARNAVALE RESOURCES LIMITED - ASX: CAV

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Description

Carnavale Resources Limited is an Australian exploration company based in Balcatta, Western Australia.

During the first quarter 2010, Carnavale Resources Limited announced that it had agreed to farm-in to Audax Resources Limited’s (ASX: ADX) two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane. G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia. Collectively, the prospect is known as the Lambouka oil and gas prospect.

Carnavale will earn a 20% working interest in Lambouka which is scheduled to be drilled in the June quarter 2010.

Lambouka lies in 400m water depth and straddles the Italian and Tunisian international boundary. It is a large tilted horst block with a combined prospective mean resource of 270 MMBOE, targeting three prospective and regionally proven hydrocarbon objectives namely the highly productive Middle to late Miocene Birsa Sandstone, the Middle Miocene Ain Grab Limestone and the deeper Late Cretaceous Abiod Chalk.

Lambouka Oil & Gas Project

* Key strategic investment in a mature offshore oil and gas opportunity in politically stable producing offshore oil and gas areas close to facilities, ready to drill.
* Lambouka contains three targets in formations that are highly prospective and importantly, regionally these target reservoirs are traditionally hydrocarbon bearing.
* Approximately US $20 million dry well cost.
* Lambouka has not been previously recognized due to lack of integrated seismic data across the Italy - Tunisia international Border and may be one of the largest untested structures in the Mediterranean Sea.
* 3D seismic acquisition over Lambouka commenced in March 2010 and completed in April 2010.
* A contract with a recognized offshore deep water drilling contractor has been signed and a rig has been selected for a planned spud date of 15 June 2010.

Parmegiana Iron Ore Project

The Parmegiana Iron Ore Project has a total combined area of 50,879.03 hectares of which TAU has granted title over 20,000 hectares and applications over the remaining 30,879.03 hectares. The project is located approximately 565 km from the state capital of Cuiabá and can be accessed from a number of nearby towns. The area has several airstrips and the associated infrastructure of large regional towns.

Project Update

* Strong land situation, including 75,550 hectares on a recent discovered iron ore province.
* Outcropping banded iron formations/itabirites on three well-distinct plateaus, extending for more than 38 kilometres.
* High iron grades (>64.5% Fe) in grab samples collected along the plateaus. Low percentage of contaminants.
* 2,000 metre diamond drilling program commenced with one hole completed by the end of the quarter. Supergene enrichment confirmed and assays pending.
* Drilling to be continued in the March 2008 Quarter.

Mine For

iron ore, oil, gas

Location of operation(s)

Brazil, Tunisia

Address

30 Ledgar Road
BALCATTA, WA, AUSTRALIA

Phone

(08) 9240 6876

Email

Website

http://www.www.carnavaleresources.com.au

Last Updated

13/04/2011