In March Karoon Gas Australia completed agreements with the ANP to sign concession agreements which will see it take 100% ownership of Santos basin blocks 1037, 1101, 1102, 1165 and 1166. The Santos basin is offshore from the Santa Catarina region of Brazil, just south of Rio de Janeiro.
Karoon believes the blocks offer good exploration potential in the hundreds of millions of barrels of oil and trillions of cubic feet of gas range.
The blocks are located in an existing oil and gas producing province in close proximity to several large oil and gas producing fields including the Tupi and Carioca Fields 200km to the North-East, the Newton discovery 53km to the north-east, the Caravela and Coral fields 100km to the south west and the Merluza field 100km to the north-west.
The work program Karoon has submitted for the award of these blocks consists of extensive geotechnical work including the purchase, reprocessing and interpretation of existing 3D seismic data. On three of the blocks there is a requirement to acquire a further 170 sq km of 3D seismic in the first 3 year term. In the optional second term of 2 years, one well is required to be drilled in each block.
The Brazilian exploration acreage is exciting acquisitions for Karoon and continue the company's strong organic growth through the diversification of the asset base into high equity positions in prospective exploration areas.
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