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Australia' s Karoon discovers oil offshore Brazil


SYDNEY -- Karoon Gas said it discovered oil off the coast of Brazil in a promising start to a three-well exploration campaign. The Kangaroo-1 exploration well, part of a joint venture (JV) with Pacific Rubiales intersected oil columns with a combined length of 25 m. The discovery proved that oil exists in the JV' s permits, an encouraging sign for its upcoming Emu and Bilby wells nearby.

Karoon and Pacific Rubiales' s five adjoining properties are in much shallower water than recent big discoveries further offshore such as the Tupi field. However, significant commercial discoveries have been made closer to shore. The most notable is the Piracuca oil field just five km northeast of Karoon' s blocks.

In a minor setback for Karoon, the underground rock formation targeted by its Santonian well didn' t contain any oil. Instead, Karoon discovered oil in the Eocene formation, which lies on top of the Santonian. The well caught the edge of the Eocene, so there could be more oil further up the geological structure. The JV has the option of drilling an appraisal well nearby and further "up dip" to find out if this is the case. The JV plans to meet to decide whether to perform further tests on Kangaroo-1 to assess its commercial potential.

Pacific Rubiales took a 35% stake in four of the exploration blocks last year from Karoon for up to $250 million.

Dow Jones Newswires



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