KAR 0.00% $2.16 karoon energy ltd

Chevron Australia Pty Ltd announced today further drilling...

  1. 121 Posts.
    Chevron Australia Pty Ltd announced today further drilling success in the Greater Gorgon Area located in the Carnarvon Basin, a premier hydrocarbon basin offshore northwest Australia. The Isosceles-1 exploration discovery well encountered approximately 134 metres (440 feet) of net gas pay in the Triassic Mungaroo Sands in 968 metres of water (3,175 feet). The well fulfilled the second year work commitment in the exploration program. It is located in the WA-392-P permit area approximately 95 kilometres (60 miles) northwest of Barrow Island, off the coast of Western Australia. “This discovery is a continuation of our exploration success and further positions our company as a key supplier for future liquefied natural gas (LNG) demand in the Asia-Pacific region,” said Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company. Roy Krzywosinski, managing director, Chevron Australia, said: “This discovery in the Greater Gorgon Area is an important addition to our portfolio and highlights the industry-leading results of our exploration program in Australia.” Chevron Australia is the operator of WA-392-P with a 50 percent interest while Shell Australia and Mobil Australia Resources each hold a 25 percent interest.

    While the Deepwater Frontier drill ship continues preparing the Jansz-Io field wells to flow gas, the Ocean America drill rig recently arrived to commence the perforations campaign on the Gorgon wells.
    All the Gorgon wells have been drilled with the final tree installed late last year. The Ocean America will perforate the wells so they are ready to flow gas.


    On Barrow Island, Upstream activities are well advanced with the completion of onshore pipe bending and stringing. Trenching for the cables and tubes scope has also been completed. The installation of the cables and tubes which connect the offshore umbilicals to the control system in the LNG plant has commenced.
    With all 12.5 kilometres of both the Gorgon and Jansz-Io 34 inch main production pipelines across Barrow Island now installed, works continue lowering in the final sections of small bore pipelines. At the inlet area, the installation of the above ground piping is well advanced with most of the welds complete on the Jansz-Io 34 inch main production pipeline

    The Levitt Prospect

    Karoon was advised on Friday afternoon March 20, by the Operator, Apache Northwest Pty Ltd., that the Diamond Offshore Ocean America (DW semisub), has now been contracted to drill Levitt-1. Subsequent to the farm-out of a 50 percent equity interest in the permit to Apache during May 2014, Apache will be responsible for 90 perfent of the cost of the Levitt-1 exploration well up to a total well cost of $70 million. The net to Karoon dry hole cost is estimated to be approximately $5 million

    The drilling of the Levitt prospect represents a significant milestone for Karoon. It is the first exploration target to be drilled by the joint venture in this new and very large exploration permit, covering 5,227 square miles (13,539 square kilometers). Exploration in the permit will evaluate new plays in the northern part of the Carnarvon Basin, with Levitt-1 to be the first well in what is expected to be an ongoing exploration program over a number of years. The permit contains a multi-billion barrel prospective oil resource (as assessed by DeGolyer and MacNaughton) in six prospects identified in the Canning 3D seismic survey area which covers a third of the permit area. Additional prospectivity over the permit area is expected to be identified through the interpretation of existing 2D and 3D seismic data and the 2,029 square mile (5,256 square kilometer) Capreolus 3D seismic survey program currently being acquired. The Levitt-1 exploration well is targeting an unrisked gross prospective resource best estimate of 220 million barrels in the Legendre and North Rankin formations. The well is positioned to receive migrating hydrocarbons from the oil mature Early Jurassic source kitchen located in the central and eastern side of the permit.

    Pursuant to the farm
    out agreement, Apache will acquire a 50% interest in the permit on the following terms: It will pay Karoon US$9.04 million in reimbursement of seismic acquisition costs; fund 90% of the drilling costs for one exploration well capped at a value of $63 million (this exploration well will fulfill the Permit Year 3 work obligations); assume operatorship of the permit; and commit to drill an exploration well in the first half of 2015.
 
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