Project Profile
Location: Offshore northern Carnarvon Basin, Australia
Reserves: 220 mmbbls (Levitt) and 2,835 mmbbls (total)
Area: Approximately 921.2 square miles (2,386 square kilometres) of seismic survey (13,539 sq kms for the Levitt)
Karoon Gas Australia Ltd. signed an agreement with CGGVeritas Services SA May 27 for a marine 3D seismic survey (Chrysalids) over permit WA-482-P in the offshore northern Carnarvon Basin. The survey is for a total of approximately 921.2 square miles (2,386 square kilometres). This survey is to delineate leads and other prospects identified on existing 2D and 3D seismic data, which are currently being reprocessed. The WA-482-P permit is in the first year of a three year initial term and the seismic evaluation work will prepare the company for a drilling decision required before the commencement of the third work commitment year.
The vessel, the \"Geo Caspian\" commenced acquisition of the data June 10 2013. The operation is expected to take approximately 56 days. Following the acquisition of the survey, processing and initial interpretation, preliminary results are expected towards the end of calendar year 2013. Karoon is currently completing the final equity transfer process with the designated authority. At the completion of this process, and subject to completion of farm‐in obligations, Karoon will hold a 100% equity interest in WA-482-P.
The Levitt Prospect
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 13,539 sq kms. 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 5,256 sq km Capreolus 3D seismic survey program currently being acquired. The Levitt-1 exploration well is targeting an unrisked gross prospective resource best estimate of 220 mmbbls 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. The prospective resource volumes have been independently assessed by DeGolyer and MacNaughton and disclosed in Karoon’s 30 April 2014 announcement.
Operators:
Karoon Gas Australia Ltd.: Operator with 50% interest
Macquarie Capital & Brookfield Asset Management: 50% interest
Contractors:
CGGVeritas Services SA: Marine 3D seismic survey
Diamond Offshore: Drilling contract for the semi-submersible drilling rig, \'Ocean America\', to drill the first well for Apache and Karoon in the northern Carnarvon Basin exploration permit WA-482-P
DeGolyer and MacNaughton: Prospective oil resource study