Karoon spuds wildcat well offshore Peru

Karoon Energy has started drilling of the Marina‐1 exploration well located in Block Z‐38 Tumbes Basin, offshore Peru, using the Stena Forth drillship.

The drillship arrived in Peru to drill the Karoon-operated well earlier in January.

The wholly-owned, Karoon subsidiary, KEI (Peru Z‐38) Sucursal del Peru is the operator and has a 40% net interest in Block Z‐38.

The drilling operation is estimated to take 30 days and it will drill to approximately 3,000 meters subsea, Karoon said in a statement on Monday.

According to the company, the Stena Forth was chosen because it meets and exceeds all engineering, health, safety, and environmental requirements of Karoon, its joint venture partners together with the Peruvian government regulatory requirements.

The Marina prospect has a gross prospective resource best estimate of 256 million barrels of oil (102 million barrels net to Karoon).

The prospect comprises a large fault-bounded structure with targets at multiple levels from 900 meters subsea to 3,000 meters. The targets are in the Tertiary Pliocene La Cruz to Cardalitos formations.

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