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Karoon Energy Provides Peru Drilling Update

Source: www.gulfoilandgas.com 2/11/2020, Location: South America

Karoon Energy Ltd’s (Karoon) Marina-1 exploration well in Block Z-38 Tumbes Basin offshore Peru, has drilled down to a depth of 1654m MD. The 13 3/8 inch casing has been run with the forward plan to drill the primary targets of the Tumbes and Cardalitos formations where multiple target levels have been identified over a 1400m interval.  

The shallower sections of La Cruz and Mal Pelo formations were encountered down to 1654m MD and preliminary logging results indicate that the well encountered water bearing sands and some gasshows in thin beds which are not considered to be commercial. The information obtained from the shallow sections provides insights into similar in the deeper waters. La Cruz and Mel Pelo results are independent of the deeper primary targets.

Operationally the well is progressing to plan. It is on time and on budget, with no safety or environmental incidents. The total drilling operation is estimated to take 30 days and shall drill to approximately 2994m TVDSS.

Karoon’s wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the Block Z-38 with Tullow Oil plc (LSE:TLW)) holding 35% and Pitkin Petroleum holding the remaining 25% equity interest.

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