Karoon is now set to commence the drilling of its first Santos Basin exploration well, Kangaroo-1. This well has gross mean prospective resource over all target intervals of 272 million barrels of oil, as reported by DeGolyer MacNaughton.
At 0600 Brasilian time on the 11th December 2012, the Blackford Dolphin semi-submersible drilling rig begun mobilization to the Kangaroo-1 well location. The rig is expected to be on location in 05 days after which time it will set anchors and commence pre-spud checks. Spudding is expected in the last week of December.
Kangaroo-1 is located within Blocks S-M-1101 and S-M-1165 and has multiple targets at several geological levels, including the Campanian, Maestrichtian, Eocene and Miocene aged rocks.
Emu-1 and Bilby-1 are expected to be the second well and third wells in the Santos Basin exploration drilling campaign. These wells are located in Blocks S-M-1102, S-M-1137 and S-M-1166, and between them have multiple targets at several geological levels, including the Santonian, Campanian, Maestrichtian, Eocene and Miocene.
Completion of these three wells will satisfy the minimum work commitments for Block S-M-1101, SM-1102, S-M-1037, S-M-1165 and S-M-1166.
Block Extensions
Karoon has now received notice from the regulator, Agencia Nacional de Petroleo, that the expiry of its the second period work commitment term has been extended by 180 days to the 12 of November 2013. The extension will allow Karoon to drill and assess all three wells in the drilling program before the second Block terms expire.