Ocean America Mobilizing to Drill Levitt-1 Prospect in WA's Carnarvon Basin

Karoon Gas Australia Ltd. revealed Wednesday that the Company received a Change of Control Notice (the Notice) from its joint venture partner, Apache Northwest Pty Ltd. (Apache Northwest) May 15 relating to Carnarvon Basin exploration permit WA-482-P (the Permit) offshore Western Australia pursuant to the terms under the Joint Operating Agreement (the JOA).

The Notice was a result of the sale of Apache Corp.’s Australian subsidiary, Apache Energy Ltd . (renamed Quadrant Energy Australia Ltd., including its wholly owned subsidiary Apache Northwest to MacQuarie Capital Group Ltd. and Brookfield Asset Management Inc. for $2.1 billion, announced April 8. The transaction closed June 5.

As a result of the Change of Control provisions in the JOA, Karoon held pre-emptive rights over Apache Northwest’s 50 percent interest in the Permit which it has subsequently waived.

Apache Northwest advised Karoon that the cash value for its 50 percent interest in the Permit is $241 million as at Oct. 1, 2014.

Operations Update – Levitt-1 Exploration Well

The Ocean America (DW semisub) is currently mobilizing to location, with the Levitt-1 exploration well expected to spud during the first week of July.

The Levitt-1 exploration well is a high impact exploration well in which Karoon has a material 50 percent equity interest and is carried for 90 percent of the cost of the well. The well is targeting a net unrisked prospective resource best estimate of 110 million barrels (gross 220 million barrels).

Levitt-1 is designed to test the presence of a working petroleum system generating from the oil mature early Jurassic Wigmore sub-basin source kitchen. A successful result would open up a new exploration play in the Carnarvon Basin. The sub-basin contains a significant thickness of Jurassic source rocks of the same age and nature known to charge accumulations elsewhere in the Basin.


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