Karoon Gas Australia has made a discovery at its Echidna-1 exploration well in the Santos Basin.
The company said the well intersected an oil bearing section in Paleocene sands, and mudlogs showed an elevated gas reading and oil florescence in sandstone.
Wirelogging will now be conducted to ascertain the extent of the gross and net columns, Karoon Gas said.
Additional intervals of elevated mudlog gas and oil florescence have also been observed in the Mastrichtian section and will be further evaluated during the wireline logging program.
The current exploration and appraisal drilling campaign, operated by Karoon, is using the ‘Olinda Star’ semi-submersible drilling rig.
The rig contract provides Karoon with one additional option well allowing flexibility for further appraisal of the Kangaroo oil discovery, or possibly targeting another prospect.
Karoon holds a 65% interest in and is operator of the jointly held block S-M-1102, Santos Basin, Brazil. Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) holds the remaining 35% working interest.
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