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Karoon Spudded Echidna-1 Exploration Well

Source: www.gulfoilandgas.com 4/1/2015, Location: South America

Karoon Gas Australia Ltd (’Karoon’) is pleased to announce the spudding of the third well in the current Santos Basin drilling campaign, the Echidna-1 exploration well, at 1500 hrs BRT on 31 March 2015.

The top of the reservoir section is expected to be penetrated within approximately 3 weeks with the well reaching a planned total depth of 2,400mRT during April 2015.

The Echidna Prospect is located in exploration block S-M-1102, approximately 20 kilometres northeast of Kangaroo on the eastern flank of a salt diapir in a similar geological setting to the Kangaroo oil field.

The 3D seismic at Echidna shows excellent seismic anomalies similar to those seen in Kangaroo-2 where in some reservoirs the oil water contact (flat spot) has been imaged, boosting confidence in the presence of oil.

Based on the new higher resolution seismic data, the faulting density in the Echidna prospect appears to be less than that seen in surrounding fields and prospects, reducing the complexity of any potential oil accumulation. The Paleocene and Maastrichtian sands in the Echidna Prospect likely were deposited in shallower marine settings, resulting in an increased likelihood of cleaner and better reservoirs.

The Echidna Prospect has been risked with a chance of success calculated at 43%.

Due to large size and proximity to Kangaroo, a successful outcome at Echidna-1 could materially add to any possible development of the Kangaroo oil field.

Karoon holds a 65% interest in and is operator of the jointly held block S-M-1102, Santos Basin, Brazil.

Upcoming Well Program

The current exploration and appraisal drilling campaign, operated by Karoon, is using the ’Olinda Star’ semi-submersible drilling rig for the entire campaign.

The rig contract provides Karoon with one additional option well allowing flexibility for further appraisal of the Kangaroo oil discovery, or possibly targeting other prospects.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects

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