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

Levitt-1 is located to receive migrating hydrocarbons from the oil mature source kitchen, testing the North Rankin and the Legendre formations.

The North Rankin and shallower Legendre formations are established highly productive reservoir units which have been mapped into the Levitt structure.

The North Rankin formation is present in a large titled fault block which is interpreted to be seated by thick marine shales. The Legendre formation is present in a 4-way dip and fault trapping structure, interpreted with stacked pay potential.

The prospect is well defined at all levels and has been mapped on a recently reprocessed 3D seismic data set.

The presence of hydrocarbons in Levitt-1 would be a very significant event as it would prove the presence of a working petroleum system in the permit which covers an enormous area, 5,227 square miles (13,539 square kilometers). The permit has multi-billion barrel oil potential with numerous follow-up targets identified. These prospects are well defined on 3D seismic and considered to be “drill-ready” by the joint venture.

Prospective Resources Statement

WA-482-P prospective resource volume estimates disclosed in Karoon’s April 30 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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