Karoon announces new Brazil light oil estimate

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Friday, September 18, 2015

Karoon Gas Australia has announced best-estimate contingent (2C) light oil resources of 75Mb at its Echidna field in Brazil's offshore Santos basin.

Drilling results and reprocessed 3D data also show 2C resources of 54Mb of light oil at the nearby Kangaroo field, Karoon said in an operations update.

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"This increased confidence in the contingent resource along with strong production test results and the shallow water and reservoir setting continue to support potential combined and standalone development options," Karoon's managing director Robert Hosking said.

Karoon said firm commitments in its revised three-year appraisal plan included the drilling of two wells in the Emu and Echidna areas and a full a 3D seismic survey.

Karoon holds a 65% stake in Santos basin blocks S‐M‐1037, S‐M‐1101, S‐M‐1102, S‐M‐1165 and S‐M‐1166 alongside Toronto-listed Pacific Exploration and Production, formerly known as Pacific Rubiales.

Earlier this month Hosking said the Melbourne-based company was seeking a rig deal for its Echidna appraisal drilling program next year.