Karoon Expects to Start Drilling Offshore Peru Prospect at 2012 End

Karoon is receiving tenders for the provision of a drilling rig for a minimum of two wells in the Tumbes Basin Block Z-38. The likely timing for the commencement of drilling is expected to be the end of 2012 and Karoon said it would keep the market informed when a rig is secured.

Karoon is currently the 75% equity holder and the operator of Tumbes Basin Block Z-38. The remaining 25% interest is held by Vietnam American Exploration LLC.

The Karoon offshore Peru acreage block Z38 is in water depths from 200 to 700m and is located 56km west of the city of Tumbes and 39km west of the Caleta Cruz (refurbished dock and 135 MW proposed power plant). In addition to the port city of Tumbes with its energy markets and infrastructure it is also close to the border of Ecuador and Ecuador’s most populous city, Santiago de Guayaquil.

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Offshore Energy Today Staff, December 26, 2011; Image: Karoon Gas Australia