From the Etrade web site
DJ take on the annoucement
Karoon Says Brazil Well Shows Promise, Oil Column Not Yet Defined
..then the rest of the announcement
-Karoon Gas Australia Ltd. (KAR.AU) said Thursday a well that it's drilling offshore Brazil with Petroleo Brasileiro SA (PBR), or Petrobras, encountered reservoir sands but it has yet to define an oil column.
Karoon, which owns 20% of the well to Petrobras's 80%, said the Maruja-2 well, drilled to appraise the nearby Maruja-1 oil discovery, encountered "excellent quality reservoir sands".
"Whilst continuity of excellent quality reservoirs and free water has been proven, the extent and depth of an oil water contact and therefore the oil column, in the up-dip attic part of the culmination, has yet to be defined," it said.
An assessment of the remaining potential of the Maruja oil discovery will be made in the near future, Karoon said.
maruja 2 update..., page-3
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