Karoon Gas Australia (ASX:KAR) has been granted an ASX trading halt in relation to its local drilling operations.
In July, the company and Quadrant Energy spudded the Levitt-1 exploration well in the Carnarvon Basin offshore Western Australia.
This is designed to test the presence of a working petroleum system generating from the Wigmore sub-basin.
Levitt has net unrisked prospective resource best estimate to Karoon of 110 million barrels of oil.
Karoon has a 50% interest in WA-482-P.
The halt will last until the earlier of the announcement being made or the start of trade on Wednesday, 12th August 2015.
The company had $553 million in cash as at 30th June 2015.
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