Quadrant Energy Spuds Levitt-1 Prospect in WA's Carnarvon Basin

Karoon Gas Australia Ltd. reported Monday the commencement of the high impact Levitt-1 exploration well in WA-482-P Carnarvon Basin, offshore Western Australia.

Levitt-1 was spud 1230 AEST July 4. The shallow hole section has been drilled 239 feet (73 meters), in a water depth of 3,815 feet (1,163 meters) to the current depth of 4,140 feet (1,262 meters) Rotary Table  and the conductor casing has been set. Preparations are underway to commence drilling in the 17.5 inch hole section later today.

The Ocean America (DW semisub) is being used to drill the well which is targeting a net unrisked prospective resource best estimate of 110 million barrels (gross 220 million barrels). Total depth is expected to be reached during early August.

Levitt-1 is designed to test the presence of a working petroleum system generating from the Wigmore sub-basin. The sub-basin contains a significant thickness of Jurassic source rocks of the same age as those known to charge petroleum accumulations elsewhere in the Basin. The well is located to evaluate the deeper North Rankin and the shallower Legendre formations which are expected to receive hydrocarbons migrating from the oil mature source kitchen. A successful result would open up a new exploration play in the Carnarvon Basin.

Karoon has a material 50 percent equity interest in WA-482-P and is carried for 90 percent of the cost of the well. Joint venture partner, and operator Quadrant Energy Australia Ltd has the remaining 50 percent interest.

Prospective Resources Statement

WA-482-P prospective resource volume estimates disclosed in Karoon’s April 30, 2014 ASX announcement and presented in the table below have been independently assessed by DeGolyer and MacNaughton on a probabilistic basis.

  • Levitt Permit; 50 percent interest
    • Oil (million barrels)
      • Prospective Category: Low -36; Best - 110; High - 275
  • WA-482-P Prospect; 50 percent interest
    • Oil (million barrels)
      • Prospective Category: Low -375; Best - 1,117; High - 2,837

Karoon is not aware of any new information or data that materially affects the resource estimates and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.


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