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Successful discoveries at Bilby-1 and Kangaroo-1.
Program of three wells completed safely, on time and
under budget.
The three well Santos Basin exploration campaign is
now complete. The program was operated by
Karoon and completed safely, on time and under-bud
get with total net cost to Karoon of around
$30 million after bringing in partner, Pacific Rubi
ales Energy Corp.
During the exploration drilling program, Karoon mad
e two potentially commercial oil disocoveries
within its first three offshore wells drilled in th
e Santos Basin in Brazil.
As at 06:00 hours BRST on the 27th May 2013, the Bi
lby-1 exploration well has drilled to a depth of
4,416 mRT and work was being conducted to complete
works at the Bilby-1 location.
Since the last report, wireline data acquisition op
erations of the 560 metres Eocene to Maastrichtian
discovery section were concluded and drilling was c
ompleted to the final depth of 4,416 mRT. No
further zones of interest were encountered. Current
ly, final engineering work is being completed
before rig release later this week.
All Bilby-1 well information, including petrophysic
al data, oil samples and cores will be analysed in
detail over the coming months.
Karoon Gas Australia Ltd CEO, Bob Hosking, said,
”The Brazilian drilling program has been an
outstanding success for the company and its shareho
lders. We have made two very substantial oil
discoveries from three wells. That is a world class
result and is a credit to our technical team, our
partners and the shareholders who funded the progra
m.
Not only have we found two new potentially commerci
al oil fields, those discoveries have
dramatically improved the prospects for discovering
oil in other targets identified within our offshor
e
blocks in Brazil.”