Most of the Carpentaria basin, which covers approximately 215,000 mi² (560,000 km²), underlies the Gulf of Carpentaria, where water depths are generally less than 260 ft (80 m). A mainly Mesozoic sequence up to 1.2 mi (2 km) thick is formed into a gentle intracratonic downwarp that overlies Proterozoic/Paleozoic sediments, metamorphic rocks, and igneous intrusions.

In the period from 1980-1985, the first regional seismic grid was acquired across the basin and the first offshore well, Duyken-1, was drilled. The well was dry. From the available data, the overall hydrocarbon charge potential within the Mesozoic depocenter appears to be poor. Cretaceous source rocks are too immature for oil generation, and the presence of mature middle Proterozoic source rocks is thought unlikely. A Cambrian section may be retained in a pericratonic setting in the northeastern part of the basin, and hydrocarbon prospects appear limited to that sector of the gulf.