Karoon Gas Australia has confirmed its oil discovery in Brazil’s offshore Santos basin.
The company said it had encountered a 213 metre gross oil column in the Echidna-1 exploration well from wireline pressure data across the Paleocence and Maastrichtian aged reservoir intervals.
Karoon managing director, Robert Hosking, said:”The Echidna discovery represents another significant achievement for Karoon. Echidna adds incremental resource to Karoon’s discovered Kangaroo oil field which further supports Karoon’s ambitions to develop an integrated production hub in the Santos Basin.”
The Echidna-1 exploration well is located in Block S-M-1102, on the east side of the ‘Emu’ salt diapir complex, and tested a similar salt flank play first proven by Kangaroo-1 and later confirmed by Kangaroo-2 and its two sidetracks.
The company said the results of Echidna further substantiate the validity of the salt flank play.
The joint venture will conduct a production testing program over the Paleocene reservoir section which is set to commence as soon as preparations are complete, expected later this week.
The Maastrichtian reservoir section is planned to be tested as part of the follow up drilling program.
A decision with respect to the second well option will be made in the coming weeks.
