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A joint venture between Karoon Gas Australia and Pacific E&P has discovered light oil while drilling a third exploration well at the offshore Echidna prospect in Brazil, the companies said on Wednesday.
Karoon said it identified a 213m oil column as it drilled the Echidna-1 well to a depth of 2,379m.
The companies are now preparing the area for production tests and will decide "in the coming weeks" whether to drill a second well, according to Karoon.
Karoon holds a 65% operating stake in five Santos basin blocks alongside Pacific E&P, formerly known as Pacific Rubiales.