Karoon Gas Australia has now taken possession of the Olinda Star Semi-submersible drilling rig from Petrobras.

The rig is currently in the Campos Basin and expected to be on location in the Santos Basin running anchors in the next few days with a likely spud date for the Kangaroo-2 appraisal well during the second week of November.

The Kangaroo-2 appraisal well is designed to confirm the following properties for the Kanargoo oil discovery:

◾ size of the oil column, ◾ the presence and size of a possible gas cap, ◾ reservoir continuity and properties, and flow rates.

This information will be crucial for assessing the commerciality of the Kangaroo oil field and, which upon success, will be the basis for the Front End Engineering and Design ('FEED') phase bringing the project a step closer to commerciality.

Tags: Karoon Gas Australia Ltd