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Karoon Gas Australia has confirmed the presence of hydrocarbons at the Kangaroo-2 appraisal well off Brazil's southeast coast.
In a statement on Tuesday, the Melbourne-based firm said drilling had identified a 250m oil column in Cretaceous and Paleocene-aged reservoirs
"A decision on a potential side-track program will be made on completion of the testing programs," Karoon said.
Additional reservoir interval tests aboard the Olinda Star semi-submersible rig were expected to begin within a week.
The vessel has also been earmarked to drill the Kangaroo West prospect, about 4.5km from Kangaroo-2.
Karoon holds a 65% operating stake in the block alongside Canada's Pacific Rubiales.