Karoon hires ‘Olinda Star’ semi for Santos Basin blocks

Karoon has executed final agreements with members of the QGOG Constellation S.A. group for contracting the “Olinda Star” semi‐submersible drilling rig.

The “Olinda Star” has been contracted to complete up to four wells in Karoon’s 65% owned and operated Santos Basin blocks, S‐M‐1037, 1101, 1102, 1165 and 1166. The rig contract consists of two firm wells (the Kangaroo‐2 appraisal well and the Kangaroo West‐1 exploration well) and two option wells. The drilling campaign is expected to start during September 2014 with the Kangaroo‐2 appraisal well.

Executive Chairman, Robert Hosking, comments: “The primary objective of the drilling campaign is the appraisal of the Kangaroo oil discovery. The Kangaroo‐2 appraisal well is designed to confirm the size  of  the  oil  column,  reservoir  continuity  and  properties,  and  flow  rates  for  the Kangaroo oil discovery. This information will be crucial for assessing the commerciality of the Kangaroo field, and on success, will be the basis for the Front End Engineering and Design phase”

The rig contract provides Karoon with two firm wells plus two option wells allowing maximum flexibility for further appraisal of the Kangaroo discovery, including testing and appraisal of the Kangaroo West prospect in the event of successful drilling.

Press Release, July 14, 2014

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