Company News Summary
Karoon Gas Australia Discovers Oil in the Kangaroo-1 Exploration Well
Original announcement: Karoon discovers oil in the Kangaroo-1 exploration well
Karoon Gas Australia reported that as at 600 hours BRST on 24 January 2013, the company had confirmed the discovery of oil at the Kangaroo-1 exploration well. The well was drilled to a depth of 3049 mRT and a light oil column has been confirmed by mudlog, wireline petrophysical and MDT pressure data of the Eocene aged rocks. A gross oil column of 25m and an oil water contact has been established from pressure data interpretation. A wireline program is underway and full results are expected in the coming days. A decision to run a drill stem testing program will be assessed at the completion of the wireline evaluation program.
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