The undrilled, offshore Bamaga Basin (pre-Jurassic) is overlain by two previously explored sedimentary basins: Carpentaria (Jurassic–Cretaceous) and Karumba (Tertiary). In 1984, Duyken-1, the only well in the Gulf of Carpentaria, 120km southwest of the Bamaga Basin, tested the Carpentaria and Karumba successions but not the deeper Bamaga Basin, which at the time was unrecognised. 2D regional seismic data acquired in 2012, and a second infill seismic survey in 2014, confirmed the presence of a sedimentary succession in the Bamaga, probably of early–middle/late Paleozoic age, and identified an intriguing, complex structural history and large potential petroleum traps. Basin modelling in the centre of the Bamaga Basin where the sedimentary section is deepest shows that the sediments are mature for petroleum generation with the hydrocarbon phase being either oil or gas, although gas is more likely, especially below 2000m. Analysis of the available data indicates that in the oil generation zone there are six targets with the potential to hold prospective resources (3U) of more than 250 million stock barrels (MMstb) of oil each, the largest of which could hold as much as 663 MMstb of oil. In the gas generation zone, there are nine targets with the potential to hold prospective resources (3U) of 1 trillion cubic feet (Tcf) or more gas each, the largest of which could hold as much as 2.5 Tcf gas. The water depth (60m) and closeness to shore (150km) make it operationally and commercially attractive.