Carnavale Resources Limited still retains a net production royalty of up to US$2 million in the Lambouka Oil and Gas Project which may arise from any future commercial production.
The Board is continuing to review a number of potential new projects. The Company remains diligent in its assessment of asets at all time and is therefore prepared to commit necessary expenditure on due diligence and other studies before committing to a transaction.
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.
Figure 1: Map showing Lambouka; oil and gas project.