Ocean America Continues Drilling at Levitt-1 Well in Carnarvon Basin

Karoon Gas Australia Ltd. reported Monday that as at 0600 WST July 20, the Levitt-1 exploration well in WA-482-P in Carnarvon Basin, offshore Western Australia was drilling ahead in the 12.25 inch hole section at a depth of 9,573 feet (2,918 meters) Rotary Table (RT).

Since the July 6 Progress Report No 1, the 17.5 inch hole section was drilled to a depth of 6,886 feet (2,099 meters) RT where the 13.625 inch casing was run and cemented in place at ,870 feet (2,094 meters) RT. Blowout Preventer installation and testing was then completed, the casing shoe drilled out and drilling ahead commenced in the 12.25 inch hole section.

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.

Net Unrisked Oil Resource (in million barrels)


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