Karoon gets green light for Brazilian development, renames fields

Australia-based Karoon Gas has entered the development and production phase for the Echidna and Kangaroo light oil fields located off Brazil, following the receipt of approval from the country’s regulator for the fields’ Declaration of Commerciality.

In relation to the Kangaroo and Echidna discoveries, located in Santos Basin, Karoon has received ANP approval of the Final Discovery Evaluation Report (RFAD) for wholly owned Santos Blocks S-M-1037, S-M-1101, S-M-1102, S-M-1165 and S-M-1166 along with a Declaration of Commerciality (DoC).

Karoon said on Friday it had submitted the RFAD and DoC documents in early May to the Brazilian oil and gas regulator, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

The documents outline two distinct areas identified for retention which include the Echidna and Kangaroo oil accumulations along with some near field prospective resource opportunities.

As is the convention in Brazil, on Declaration of Commerciality, field names are given to those parts of a field that are in different blocks and are named after marine organisms. As each field straddles two blocks, Kangaroo will officially become GOIÁ and GOIÁ SUL and Echidna will become NEON and NEON SUL.

The RFAD and DoC approval from the ANP mark the end of the exploratory phase and the beginning of the development and production phase. Karoon noted that, while approval marks the start of the development and production phase, this does not constitute a final investment decision (FID).

A FID will be assessed by Karoon independently of these approvals and Karoon is expected to be a in position to decide on FID later in 2018.

Karoon is expected to submit a development plan within 180 days of the DoC.

The first phase of development proposes two extended horizontal production wells and one gas injection well with potential to include Kangaroo as a second phase option.

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