Karoon Gas Australia is interpreting 2,300km of 2D seismic acquired on block Z-38 offshore Peru, according to executive chairman Robert Hosking's address at the company's annual general meeting.
"Preliminary results are encouraging and completion of this interpretation will aid in the planning and completion of the upcoming 3D seismic acquisition," Hosking said.
The acquisition of 600km2 of 3D seismic in the Tumbes basin is due to start by the end of next month in preparation for drilling late 2010 or early 2011.
In Peru, Karoon also holds onshore block 144 in the Marañón basin.
The work program for this area includes reprocessing 1,000km of 2D seismic through October 2011 and interpreting 300km of 2D seismic through April 2013. Drilling would follow starting with one well to a minimum depth of 4,200m.
Karoon estimates that potential prospective resources in its Peru blocks could be multi-Tf3 and/or hundreds of millions of barrels of oil.