Tuesday 28 January 2020

Karoon Energy Ltd (“Karoon”) has announced the Stena Forth Drillship has commenced the drilling of the Marina‐1 exploration well located in Block Z‐38 Tumbes Basin, Peru. 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 shall drill to approximately 3000 metres subsea. The Stena Forth Drillship is a state‐of‐the‐art drillship with an exceptional record of drilling wells worldwide, successfully and incident free. 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 (net to Karoon 102 million barrels) as previously announced in the “Resources Update” dated 8th May 2018.*

Marina Prospect, Block Z‐38 Tumbes Basin Peru

The Marina prospect comprises a large fault bounded structure with targets at multiple levels from 900m subsea to 3000m. The targets are in the Tertiary Pliocene La Cruz to Cardalitos formations