Karoon Strikes Oil Offshore Brazil with Kangaroo-1 Exploration Well

Karoon Gas revealed Friday that it has made an oil discovery in its Kangaroo-1 exploration well, in the Santos Basin offshore Brazil.

Mudlog, wireline petrophysical and MDT pressure data confirmed that Kangaroo-1 had intersected an 82 foot (25 meter) gross light oil column with an oil water contact in Eocene aged rocks.

"A wireline program is underway and full results are expected in the coming days. A decision to run a drill stem testing program will be assessed at the completion of the wireline evaluation program," Karoon said in a statement.

Karoon added that, while the oil column is not its primary target at Kangaroo-1, the discovery provides additional confidence in the other prospects within the company’s blocks, including the Emu/Cassowary and Bilby exploration targets.

Kangaroo-1 is located within Blocks S-M-1101 and S-M-1165. The evaluation program is expected to continue through February with results being released as they become available.

After completing drilling works in Kangaroo-1, Karoon will move on to drill the Emu-1 and Bilby-1 wells in blocks S-M-1102, S-M-1137 and S-M-1166. These wells will evaluate multiple targets at Miocene, Eocene, Maestrichtian, Campanian and Santonian levels.

Karoon’s Santos Basin blocks BM-S 1037, 1101, 1102, 1165 and 1166 are sited 124 miles (200 kilometers) off the coast of the Santa Catarina region of Brazil, south of Rio de Janeiro. The blocks, in shallow water depths of around 984 feet (300 meters), are on trend with oil and gas fields such as the Piracucá, Caravela, Vampira, Merluza and Mexilhão fields.

Karoon is the operator and the sole owner of all the blocks.

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