Quadrant bites dust offshore Australia

Karoon Gas Australia has informed that the Levitt-1 exploration well, in WA-482-P Carnarvon Basin, offshore Western Australia, is dry. 

According to Karoon, as at 1930 AWST on August 8, 2015, the Levitt‐1 exploration well in WA‐482‐P Carnarvon Basin, reached a final total depth of 4,929 mRT.

The company said that no hydrocarbons shows were noted while drilling and petrophysical analysis of LWD data indicates the good quality reservoir of the Legendre and North Rankin formations to be water bearing at this location.

Karoon further reported that, since July 31, 2015, the 9‐5/8” casing was run and cemented in place. The 8‐1/2” hole section was then drilled 504 metres from 4,425 mRT to TD. A wireline logging program is now underway. Once the wireline logging program is complete, the well will be plugged and abandoned, completing the current exploration drilling program in WA‐482‐P.

Karoon has a 50% equity interest in WA‐482‐P and is carried for 90% of the cost of the well. Joint venture partner, and operator Quadrant Energy Australia Ltd has the remaining 50% interest. The net cost to Karoon is expected to remain within the $5 million budget.

Offshore Energy Today reported yesterday that the shares of Karoon Gas Australia would be placed in Trading Halt Session State at the request of the company pending the release of an announcement related to its drilling operations in Australia.

Australian Stock Exchange said yesterday that the securities would remain in Trading Halt Session State until the earlier of the start of normal trading on Wednesday, August 12, 2015 or when the announcement is released to the market.

Managing Director, Robert Hosking, said: “Whilst a dry hole at Levitt‐1 is disappointing, there remains enormous potential in the remainder of this large 13,539 sq km permit. To the north and east in the Wigmore Sub‐Basin new 3D seismic shows the presence of many structures and a thicker Jurassic source interval than seen in offset wells. I remain very enthusiastic about the exploration potential in this permit.”

Karoon added that Levitt‐1, along with the acquired Chrysalids and Capreolus 3D seismic surveys over the majority of the permit, will provide important information that will add to the understanding of the petroleum systems in the permit.

Furthermore, the joint venture will use the new well and 3D seismic data to progress the evaluation of areas both in proximity, as well as to the north and east of Levitt‐1 where prospectivity remains attractive in the Wigmore Sub‐Basin. With this, the joint venture will have new well data and 3D seismic over the bulk of the permit area. Over the course of the next 12 months, geological and geophysical studies will delineate and rank remaining prospects to identify the most prospective locations for following drilling programs.

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