Karoon Gas Australia Ltd's Echidna-1 well, has intersected an oil bearing section in Paleocene sands, as shown on mudlog and Logging While Drilling data. The mudlog shows elevated gas readings and oil florescence in sandstones. Wireline logging will now be conducted to ascertain the extent of the gross and net columns.

As at 1230 hrs AEST on 12 April 2015, the Echidna-1 exploration well had reached the planned total depth of 2,379 mRT. Since spudding on 31 March, the well was drilled to its total depth.

The presence of a Paleocene oil column needs to be confirmed with data from the planned wireline logging program to be undertaken immediately. The wireline program will involve taking pressure data, reservoir fluids sampling and petrophysical logging.

Additional intervals of elevated mudlog gas and oil florescence have been observed in the Maastrichtian section and will be further evaluated during the wireline logging program.

Karoon holds a 65% interest in and is operator of the jointly held block S-M-1102, Santos Basin, Brazil. Pacific Rubiales Energy Corp. holds the remaining 35% working interest.

Tags: Karoon Gas Australia Ltd