Karoon to Contract Blackford Dolphin for Santos Program

Karoon, as operator of five blocks in the Santos Basin, on Thursday signed a letter of intent to contract with Dolphin Drilling Ltd, for the Blackford Dolphin semi-submersible drilling rig. The completion of the final drilling agreements is subject to final negotiations and is expected by the end of June 2011.

This letter of intent covers the drilling of three wells in Karoon's Santos Basin blocks, to begin in the first half of 2012. These will be located about 280 kilometers off the coast of the State of Sao Paulo, Brazil, in water depths of approximately 400m.

The Blackford Dolphin is a semi-submersible drilling rig, currently operating in Brazilian waters, and was the preferred drilling rig for Karoon's upcoming Santos Drilling Program. Karoon will be targeting several prospects in this drilling program along with satisfying its second period work commitments. Prospects within Karoon's Santos Basin Blocks contain several large drilling targets will be announced at the completion of seismic interpretation later in 2011.

Preparations are currently being carried out to obtain all the necessary regulatory and other approvals, long lead items have been ordered and a specialists team of drilling engineers has commenced well planning and pre-drilling engineering.

Karoon's wholly owned subsidiary, Karoon Petroleo & Gas S.A., has entered into the Letter of Intent and currently owns 100% of the Santos Basin Blocks 1037, 1101, 1102, 1165 and 1166.

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