oil discovery confirmed

NOT FOR DISTRIBUTION OR RELEASE INTO THE UNITED STATES OR


MARUJ?-1 WELL PROGRESS REPORT ? OIL DISCOVERY CONFIRMED
Petr?leo Brasileiro S.A. (Petrobras), as operator, today announced the discovery of light oil in
well 1-BRSA-870-SPS (1-SPS-76) situated in the Maruj? prospect within block S-M-1352 of the
BM-S-41 Concession.
This well is located about 280 kilometers off the coast of the State of S?o Paulo, Brazil, in a
water depth of 400m. The reservoirs were found at a depth of 2,200 meters. The well continues
to be drilled with the aim of exploring deeper objectives in the post-salt section.
Karoon's wholly owned subsidiary, Karoon Petroleo & G?s S.A., has entered into an agreement
to acquire a 20% interest in the BM-S-41 Concession which is subject to regulatory approval
from the Ag?ncia Nacional do Petroleo, the Brazilian national petroleum agency (ANP). Upon
receipt of regulatory approvals (including from the ANP) and subject to satisfying farm-in
obligations, equity interests of the participants in BM-S-41/S-M-1352 will be:
Karoon Petroleo & G?s S.A. 20%
Petrobras 80%
Reporting schedule
Karoon will provide announcements with material information regarding testing or other
activities in accordance with ASX and other applicable regulations.
For further information please contact:
Scott Hosking: Company Secretary Ian Howarth: Collins Street Media
Telephone: 03 59741044 Telephone: 0407 822 319
Fax: 03 59741644 Email: [email protected]
Email: [email protected]
Website: www.karoongas.com.au
Not for distribution or release in the United States or to U.S. persons.
This announcement does not constitute an offer of securities for sale in the United States and the securities
referred to herein may not be offered or sold in the United States absent registration or an exemption from
registration. Karoon SA has not registered, and has no intention to register, any portion of the offering with the
Securities and Exchange Commission in the United States and does not intend to conduct a public offering of the
securities in the United States. Any public offering of securities in the United States may only be made by means of
a prospectus containing detailed information about the issuer and its management, as well as financial statements.
This announcement does not constitute an offer of securities for sale in Brazil and the securities referred to herein
may not be offered or sold in Brazil absent registration or an exemption from registration. Karoon SA has done an
initial filing but not registered, and there can be no assurance that it will register, any portion of the offering with
the Comiss?o de Valores Mobili?rios ? CVM in Brazil. Any public offering of securities in Brazil may only be made by
means of a prospectus containing detailed information about the issuer and its management, as well as financial
statements.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption from registration or qualification under the securities laws of
any such jurisdiction.