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Stena Forth Drillship Arrives to Drill Marina-1 Exploration Well

Source: www.gulfoilandgas.com 1/8/2020, Location: South America

Karoon Energy has announced that the Stena Forth Drillship has arrived in the Port of Callao, Lima, Peru ahead of drilling the Marina-1 exploration well located in Block Z-38 Tumbes Basin, Peru. Karoon is the operator and has a 40% net interest in Block Z-38.

The Stena Forth will remain at the Port of Callao for one to two weeks to refuel and change the crew before continuing on to the Marina-1 well location. Karoon expects the vessel to clear customs and final permitsto be received over the coming weeks.The well is expected to spud during the last week of January 2020.

The Marina prospect has a gross prospective resource best estimate of 256million barrels of oil (net to Karoon 102 million barrels) as previously announced in the 'Resources Update' dated 8th May 2018.

Marina Prospect, Block Z-38, Tumbes Basin, Peru

The Marina prospect comprises a large fault bounded structure withtargets at multiple levels from 900m subsea to 2900m. The targets arein the Tertiary Pliocene La Cruz to Cardalitos formations.

The structures are well defined by 3D seismic. Nearby hydrocarbon seeps demonstrate that migrating hydrocarbons are present, supported by seismic AVO anomalies indicative of trapped oil at Marina.

Karoon’s wholly owned subsidiary, KEI (Peru Z-38) Sucursal del Peru, owns a 40% operating equity interest in the Blocks with Tullow Oil holding 35% and Pitkin Petroleum holding the remaining 25% equity interest.

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