Karoon Gas (ASX:KAR) has upped its contingent resource at the Kangaroo oil discovery at Santos and Campos Basin offshore Brazil following new core analysis.
The 1C contingent resource has been raised to 11 million standard barrels from 2MMbbls; 2C up from 73MMbbl to 135MMbbl and 3C from 337MMbbl to 487MMbbl.
The Kangaroo‐1 gross oil column has been extended to 76 metres from 25 metres, an overall increase of 52 metres.
The new core analysis and reservoir fluid data has shown that the reservoir observed in the Kangaroo-1 well has better than previously estimated permeability, which has led to an increased net to gross ratio through the reservoir section and also a larger oil column.
Karoon is currently working to acquire a rig to drill a minimum of two appraisal wells, Kangaroo‐2, and Bilby‐2, as well as at least one exploration well, Kangaroo West‐1
It has initiated contractor negotiations, long lead item procurement, pre‐drilling location assessment and regulatory approval application documentation.
Karoon currently holds 100% of the operated Santos Basin Blocks but has completed agreements with Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) to divest a 35% net working interest in the Santos Basin Exploration Blocks, S‐M‐1101, S‐M‐1102, S‐M‐1037, S‐ M‐1165 S‐M‐1166.
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