hopes for news on karoon’s brazil farm-out, page-11

From Page 10 of the report

The ‘Blackford Dolphin’ semi-submersible drilling rig has
commenced drilling the final well before Karoon takes
possession of the rig. Karoon anticipates commencing
drilling in its Blocks during November 2012. Karoon has
a firm commitment to drill three wells. The Karoon
drilling team has now completed engineering and drilling
preparations and subject to final approvals from the
relevant authorities, including the ANP and the
environmental regulator (‘IBAMA’), is ready to start drilling.

Supply bases are operational and well infrastructure is
on site and ready for deployment. Final targets have
been identified and well locations on the prospects
are currently being finalised.

Drilling is set to commence with the drilling of
Kangaroo-1, to be followed by Emu-1/Cassowary-1
and Bilby-1. Each of these wells target between
100-300 million barrels of hydrocarbons and will satisfy
the secondary term minimum work commitments
to the regulator and the farm-in commitments of
Pacific Rubiales Energy Corp."

On the ball Swannie.