Quadrant Energy Finds Dry Hole at Levitt-1 Well in Permit WA-482-P Off WA

Karoon Gas Australia Ltd. disclosed Tuesday that as at 1930 AWST Aug. 8, the Levitt‐1 exploration well in WA‐482‐P Carnarvon Basin, offshore Western Australia reached a final total depth of 16,171 feet (4,929 meters) Rotary Table (RT).

No hydrocarbons shows were noted while drilling and petrophysical analysis of LWD data indicates the good quality reservoir of the Legendre and North Rankin formations to be water bearing at this location.

Since the June Quarterly Report, announced July 31, the 9.625 inch casing was run and cemented in place. The 8.5 inch hole section was then drilled 1,653.5 feet (504 meters) from 14,517.7 feet (4,425 meters) RT to total depth (TD).

A wireline logging program is now underway. Once the wireline logging program is complete, the well will be plugged and abandoned, completing the current exploration drilling program in WA‐482‐P.

Karoon has a 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. The net cost to Karoon is expected to remain within the $5 million budget.

Significant Prospectivity Remains

WA‐482‐P is a very large block with multiple geological play types in varying locations and depths across the permit. The acreage is positioned over a large thick Jurassic depocentre (Wigmore Sub‐Basin) interpreted to have generated oil in the east and north of the permit.

Levitt‐1, along with the acquired Chrysalids and Capreolus 3D seismic surveys over the majority of the permit, will provide important information that will add to the understanding of the petroleum systems in the permit. The joint venture will use the new well and 3D seismic data to progress the evaluation of areas both in proximity, as well as to the north and east of Levitt‐1 where prospectivity remains attractive in the Wigmore Sub‐Basin.


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