Carnarvon Energy (ASX:CVN) contracted the Transocean Equinox semi-submersible rig for a multi-well drilling program offshore Western Australia's Bedout sub-basin, with operations scheduled to begin in April 2027, according to a Monday filing with the Australian bourse.

The campaign is designed to evaluate the resource potential of key prospects including Ara, Yuma, Goats Eye, and Hutton identified within the Bedout MegaMerge 3D seismic survey, per the filing.

The rig was selected through a competitive tender process initiated in early 2025 and is currently operating offshore Victoria before transitioning to the program, the filing said.

The campaign comprises one firm and one contingent well, with total estimated costs of around AU$20 million if both are drilled, to be funded from the company's AU$98 million cash balance as of March 31, the filing added.