NDI Carrara 1 is a deep stratigraphic drill hole completed in 2020 as part of the MinEx CRC National Drilling Initiative (NDI) in collaboration with Geoscience Australia and the Northern Territory Geological Survey. It is the first test of the Carrara Sub-Basin, a depocentre newly discovered in the South Nicholson region based on interpretation from seismic surveys (L210 in 2017 and L212 in 2019) recently acquired as part of the Exploring for the Future program. The drill hole intersected approximately 1120 m of Proterozoic sedimentary rocks unconformably overlain by 630 m of Cambrian Georgina Basin carbonates. Continuous cores recovered from 283 m to a total depth of 1750 m provide samples of the highest quality for a comprehensive geochemical program designed to inform on the energy and mineral prospectivity of the Carrara Sub-basin. Total Organic Carbon (TOC) contents from Rock-Eval pyrolysis of the Cambrian and Proterozoic sections demonstrate the potential for several thick black shales as source rocks and unconventional plays. Evidence for retained hydrocarbons included bituminous oil stains in centimetre-scale vugs within the Cambrian Georgina Basin and several oil bleeds within the Proterozoic section. The latter also contains surface gas with up to 2% methane concentrations measured within carbonaceous mudstones. Geochemical analyses of hydrocarbon shows highlight the occurrence of several petroleum systems operating in this frontier region. The results at NDI Carrara 1 offer the promise of a new exciting resource province in northern Australia.