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The top reservoir section of the Kangaroo West-1 well is expected to be drilled within three weeks, reaching a final depth in early April, Karoon said in a statement.
"Due to its large size and proximity to Kangaroo, a successful outcome at Kangaroo West-1 could materially add to any possible development of the Kangaroo oil field," the Melbourne-based firm said.
Kangaroo West-1 is located in the Santos basin's S-M-1165 block, in which Karoon holds a 65% operating stake.
The drilling campaign is being conducted aboard the Olinda Star semisubmersible rig, under contract from Brazilian group Queiroz Galvão.