Karoon Energy Ltd’s Marina-1 exploration well in Block Z-38 Tumbes Basin offshore Peru, has now drilled down to a depth of 3021mm MD near the top of the Cardalitos Formation. Mudlogging and LWD logging results from the Primary targets in the Tumbes Formation indicated that the well encountered thin water bearing sands with no oil and only minor gas shows. Final logging is now being completed and Marina-1will be plugged and abandoned.
Marina-1 provided a large amount of valuable data on the geological setting for this region of the Tumbes Basin. Several potential reservoirsequences were encountered in the well, unfortunately these sections were water wet and provide no prospectivity at this location. The well results will now be thoroughly analysed, but no further drilling is planned in Block Z38 in this campaign.
Operationally the well has progressed to plan, on time and within budget, with no safety or environmental incidents. The total drilling operation is still estimated to take 30 days.
Karoon’s primary focus continues to be completing the Ba?na acquisition and delivering on our growth aspirations in Brazil.
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 holding 35% and Pitkin Petroleum holding the remaining 25% equity interest