- Karoon Energy (KAR) achieves first production from its Patola oil field in Brazil
- The PAT-2 well exceeds expectations, with initial production of between 12,000 and 14,000 barrels of oil per day (bopd)
- The company expects production from both of its new Patola wells to stabilise at 10,000 to 15,000 bopd, taking total production from its licence to more than 30,000 bopd
- Karoon CEO and Managing Director Julian Fowles says achieving first production from Patola is a “major milestone” and follows the completion of the company’s Bauna intervention campaign
- Shares in KAR are up 3.2 per cent and trading at $2.10 at 3:37 pm AEDT
Karoon Energy (KAR) has achieved first production from its PAT-2 well in the Patola oil field in Brazil.
As one of the company’s two new production wells, the PAT-2 well exceeded expectations, with a production rate of 12,000 to 14,000 bopd (barrels of oil per day).
“Achieving first production from Patola is a major milestone for Karoon and follows the successful completion of the Bauna intervention campaign,” Karoon CEO and Managing Director Julian Fowles said.
“The very high rates we have seen in this first Patola well represent flush production, which is expected to decline over the next few days to rates between 5000 and 7500 bopd.”
The second well, PAT-1, is expected to commence production by the end of March.
The two wells are expected to stabilize at a combined production rate of around 10,000 to 15,000 bopd, taking the total production from the BM-S-40 production licence to more than 30,000 bopd.
Dr Fowles added that first production was delivered with no material safety or environmental issues.
Shares in KAR were up 3.2 per cent and trading at $2.10 at 3:37 pm AEDT.