Karoon Gas Australia Ltd (ASX: KAR) has announced the award of exploration permit EPP46 (the ‘Permit’). The Permit covers 17 793 km2 of Australia’s most active and prospective frontier oil exploration province, the Ceduna Sub-Basin, in the Great Australian Bight (GAB), offshore South Australia.
The GAB holds one of the world’s last underexplored Cretaceous basins, which contains the Ceduna Sub-Basin. The Ceduna Sub-Basin hosts a massive Cretaceous delta system which Karoon believes has the potential to be a globally significant hydrocarbon province with world class potential.
The industry, including BP, Statoil and Chevron, has committed approximately AUS$1 billion to drilling nine exploration wells in the surrounding permits during the next 24 months. Karoon’s initial three year firm commitment requires the acquisition of 2D and 3D seismic surveys and does not include a well.
The geology, potential target size and surrounding significant near term exploration activity make it a very exciting high impact opportunity. Drilling success in the surrounding permits is expected to be transformational to prospectivity in Karoon’s Permit.
Read the article online at: https://www.oilfieldtechnology.com/exploration/07102016/karoon-awarded-exploration-permit-epp46-in-the-ceduna-subbasin-great-australian-bight/