20 Mar 2014drilling spud● Neutral
Poseidon North-1, the fifth Browse Phase 2 well, spudded on 19 March 2014, 6.5 km north-east of Poseidon-1 in WA-315-P (Karoon 40%). It follows the Grace-1 dry hole and targets the Plover and Montara formations.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2014drilling result▼ BadMajor
Grace-1 found no significant hydrocarbons. The volcanic zone of interest was water bearing and the well will be plugged and abandoned. It ends the Browse run of gas discoveries: Karoon holds 90% of WA-314-P. Poseidon North-1 is next.
30 Jan 2014drilling progress report▼ Bad
Grace-1 reached total depth of 5,069 m without intersecting Plover or Montara sands. Logging is under way on a gas-show zone in Jurassic volcanics at about 4,000 m. Results are due in days.
20 Jan 2014drilling progress report● Neutral
Grace-1 resumed drilling after the cyclone and BOP testing, and is at 4,844 m. No result yet.
3 Jan 2014drilling progress report● Neutral
The Grace-1 rig was evacuated for tropical cyclone Christine, with no damage apparent. The well remains at 4,767 m, with drilling to resume as soon as practicable.
20 Dec 2013drilling progress report● Neutral
Grace-1 drilled the 6-1/2 inch section to 4,767 m and is preparing for blowout preventer testing. It is still in the Lower Plover target section. No result yet.
6 Dec 2013drilling progress report● Neutral
Grace-1 is drilling the 6-1/2 inch section at 4,395 m, which contains the primary Lower Plover target. No result yet.
22 Nov 2013drilling progress report● Neutral
Grace-1 drilled to 4,120 m and a liner is being cemented. Elevated gas readings were seen in fractured Jurassic volcanics, but no significant sand. The main Lower Plover target is still to be drilled.
8 Nov 2013drilling progress report● Neutral
Grace-1 has set 9-5/8 inch casing at 3,515 m and is drilling at 3,559 m, with no result yet. Poseidon North-1 is next, after a one-month rig maintenance period.
31 Oct 2013farm in farm out completion▲ GoodMajor
Brazil's regulator cleared Karoon to take its 20% interest in Block S-M-1352 (Maruja oil field), operated by Petrobras, under the August 2010 farm-in. Maruja-1 flowed 4,675 bbl/d of oil in 2010. Petrobras is resuming assessment. This resolves the pending approval.
28 Oct 2013farm in farm out completion▲ GoodMajor
Brazil's regulator approved the transfer of a 35% interest in four Santos Basin blocks to Pacific Rubiales, completing the farm-in announced in September 2012. Pacific Rubiales now holds 35% of Kangaroo and must fund its share going forward. Karoon retains 65%. Approval for S-M-1066 is expected soon.
18 Oct 2013drilling progress report● Neutral
Grace-1 drilled the 17-1/2 inch section to 2965 m after setting the conductor at 629 m, and is preparing to run 13-3/8 inch casing. Early stage of the well, with no reservoir result yet.
4 Oct 2013drilling spud● NeutralMajor
Grace-1, the fourth well of the Browse campaign, spudded on 3 October in WA-314-P, where Karoon holds 90%. It targets multi-tcf potential in the Plover and Montara formations, about 35 km north of Poseidon. The campaign now runs through 2014.
30 Aug 2013drilling result▲ GoodMajor
Proteus-1ST2 reached 5250 m, and logging indicated multiple gas-charged Jurassic reservoirs, including an 87 m gross interval with high net pay. A production test was planned over the coming weeks, adding to earlier campaign gas discoveries at Boreas-1, Kronos-1 and Zephyros-1.
16 Aug 2013drilling progress report● Neutral
Proteus-1ST2 was kicked off from ST1 and drilled to 4921 m, and a 5-inch liner was cemented at 4920 m. The 4-1/8 inch section starts over the weekend. This continues the second sidetrack after the stuck string. No reservoir result yet.
2 Aug 2013drilling progress report▼ Bad
Proteus-1ST1 drilled to 4937 m, then a stuck drill string and failed recovery forced a decision to sidetrack again. Sidetracking is under way, with drilling expected to resume within days. No reservoir result yet.
1 Aug 2013resource reserve update▲ GoodMajor
Kangaroo contingent resource was raised to 11 million barrels (1C), 135 million (2C) and 487 million (3C), from 2/73/337. New core and fluid data extended the oil column from 25 m to 76 m. Karoon is seeking a rig for Kangaroo-2, Bilby-2 and Kangaroo West-1.
19 July 2013drilling progress report● Neutral
Proteus-1ST1 was drilling ahead in the 6-1/2 inch hole at 4583 m after the liner was cemented and pressure tested. No reservoir result yet.
5 July 2013drilling progress report● Neutral
Proteus-1ST1 drilled the 8-1/2 inch section from 4494 m to 4561 m, then a 7-5/8 inch liner was run and cemented. The 6-1/2 inch section is due to start the following week. No reservoir result yet.
21 June 2013drilling progress report● Neutral
Proteus-1ST1 returned to drilling at 4494 m after blowout preventer testing passed and cement plugs were set and drilled out. This resolves the earlier well control difficulty. No reservoir result yet.
12 June 2013drilling progress report▼ Bad
Proteus-1 sidetrack (ST1) was drilled to 4493 m when well control difficulties occurred. Blowout preventer testing and work to regain control come before drilling resumes. No reservoir result yet.
27 May 2013drilling result▲ GoodMajor
Karoon completed its three-well Santos Basin campaign, with Bilby-1 finishing at 4,416 m and no further zones found. Two oil discoveries (Kangaroo-1, Bilby-1) from three wells, net cost about A$30m after Pacific Rubiales. Karoon is now seeking a rig for multi-well appraisal.
23 May 2013drilling progress report▼ Bad
Proteus-1 hit drilling difficulties at 4740 m. The hole was plugged back and a sidetrack is being prepared, with drilling expected to resume within 24 hours. No reservoir result yet.
10 May 2013drilling result▲ GoodMajor
Bilby-1's proven oil column grew to 320 m, with a potential gross column of about 560 m and roughly 70 m of net oil-bearing reservoir. Oil sampled is 33 degree API. Drilling continues to 4573 m after wireline testing.
6 May 2013drilling result▲ GoodMajor
Bilby-1 found oil in Maastrichtian-age sands, confirmed over 200 m gross so far. This is Karoon's second Santos Basin oil discovery after Kangaroo-1. The well continues to 4573 m, and a rig for Kangaroo-2 and a Bilby follow-up is expected in the fourth quarter.
3 May 2013drilling progress report● Neutral
Proteus-1 reached 4740 m in the 8-1/2 inch hole after running a 9-5/8 inch liner to 4168 m. No reservoir result yet.
19 Apr 2013drilling progress report● Neutral
Bilby-1 was drilling at 1626 m after setting 20-inch casing at 1190 m. Karoon also qualified as an 'Operator A', allowed to operate exploration in any water depth in Brazil. No well result yet.
19 Apr 2013drilling progress report● Neutral
Proteus-1 was drilling the 12-1/2 inch section at 4166 m, with no result yet. The Browse campaign is stated as a minimum of five wells through 2013.
11 Apr 2013resource reserve update▲ GoodMajor
Karoon booked a Kangaroo contingent resource of 2 million barrels (1C), 73 million (2C) and 337 million (3C), after post-drill seismic showed over 600 m of updip potential. Kangaroo-2 appraisal could lift the 1C figure.
8 Apr 2013drilling spud● NeutralMajor
Bilby-1, the third and final Santos Basin well, spudded on 7 April 2013 in block S-M-1166, targeting Santonian, Campanian and Eocene levels. It runs into May and completes minimum work commitments. Karoon is still seeking a rig for Kangaroo-2.