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The Melbourne-based company said no hydrocarbons were found at Kangaroo West-1 after it was drilled to a depth of 3,170m.
"The lack of hydrocarbons is attributed to a lack of oil migration charge into the structure, previously recognized as the main risk with this prospect," Karoon said.
Located in the Santos basin's S-M-1165 block, Kangaroo West-1 is estimated to have cost the company US$34mn.
Karoon said the Olinda Star semi-submersible drilling rig was preparing for the Echidna campaign at the nearby S-M-1102 block.
"The Paleocene and Maastrichtian reservoirs in the Echidna prospect were deposited in shallower marine settings relative to other Karoon wells, resulting in an increased likelihood that cleaner and better reservoirs are present," Karoon said.
Echidna has been risked with a 43% chance of success, Karoon added.