Karoon Contracts Olinda Star Semisub for Drilling in Brazil's Santos Basin

Karoon Gas Australia Ltd. reported Thursday that it has executed final agreements with members of the QGOG Constellation S.A. Group to contract the Olinda Star (mid-water semisubmersible).

The Olinda Star has been contracted to drill two firm wells and two optional wells in Karoon’s 65 percent owned and operated Santos Basin blocks S‐M‐1037, 1101, 1102, 1165 and 1166 (the Blocks), with drilling scheduled to commence during the third quarter calendar year 2016.

The firm wells are planned for the appraisal drilling of the Echidna light oil discovery and will satisfy Karoon’s Santos Basin drilling commitments required under the revised Discovery Appraisal Plan, approved by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP).

Managing Director, Mr Robert Hosking commented:

“The contracting of the drilling rig for the appraisal of the Echidna light oil discovery is an exciting next step for Karoon. It is a critical milestone for assessing the commerciality of the Echidna field, and on success, will provide important information for moving forward with an early production system, which could bring first oil in the first half of calendar year 2019. Karoon’s team of specialist drilling engineers used the Olinda Star to complete the 2015 drilling campaign and the rig has subsequently undergone modifications at Karoon’s request, which are expected to further enhance the drilling performance. To date this team has successfully completed 6 vertical wells and 2 side‐tracks in the Blocks.”

Karoon’s wholly owned subsidiary, Karoon Petroleo e Gas Ltda, owns a 65 percent operating equity interest in the Blocks with Pacific Exploration and Production Corp. holding the remaining 35 percent equity interest.


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