Karoon Gas expands Brazil drilling campaign after oil find

1/31/2013

Karoon Gas expands Brazil drilling campaign after oil find

BY ROSS KELLY
 
SYDNEY -- Karoon Gas added an extra well to its drilling campaign offshore Brazil to appraise its recent Kangaroo discovery. The company said its Kangaroo-1 exploration well, part of a joint venture with Pacific Rubiales, intersected oil columns with a combined length of 25 m. The well caught the edge of an oil-bearing rock formation, so there could be more oil to be found close by.

The company is currently working to acquire a rig to drill an appraisal well, Kangaroo-2, as soon as possible. "Karoon would expect to penetrate a much larger hydrocarbon column at the crest of the structure where the gross reservoir section could be as large as 350 m," Karoon said in a statement. Testing of oil samples collected from Kangaroo-1 indicates the reservoir found by the well is of good quality with the potential to flow at commercial rates, it added.

Dow Jones Newswires

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