Karoon Completes Brazilian Drilling Campaign

 Karoon Gas Australia has announced that the three well Santos Basin exploration campaign in Brazil is now complete. The program was operated by Karoon and completed safely, on time and under-budget with total net cost to Karoon of around $30 million after bringing in partner, Pacific Rubiales Energy Corp. During the exploration drilling program, Karoon made two potentially commercial oil disocoveries within its first three offshore wells drilled in the Santos Basin in Brazil.

As at 06:00 hours BRST on the 27th May 2013, the Bilby-1 exploration well has drilled to a depth of 4,416 mRT and work was being conducted to complete works at the Bilby-1 location. Since the last report, wireline data acquisition operations of the 560 metres Eocene to Maastrichtian discovery section were concluded and drilling was completed to the final depth of 4,416 mRT. No further zones of interest were encountered. Currently, final engineering work is being completed before rig release later this week. All Bilby-1 well information, including petrophysical data, oil samples and cores will be analysed in detail over the coming months.
Karoon Gas Australia Ltd CEO, Bob Hosking, said, “The Brazilian drilling program has been an outstanding success for the company and its shareholders. We have made two very substantial oil discoveries from three wells. That is a world class result and is a credit to our technical team, our partners and the shareholders who funded the program. Not only have we found two new potentially commercial oil fields, those discoveries have dramatically improved the prospects for discovering oil in other targets identified within our offshore blocks in Brazil.” 

Forward Plan 
Karoon is now aggressively seeking a rig for a multi-well appraisal program in the company’s Brazilian acreage. This program will include appraisal drilling of the Kangaroo and Bilby discoveries, along with potential exploration drilling of the West Kangaroo prospect and other exploration targets.

 

May 27, 2013

 

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