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Energy explorer Karoon Gas boasts of drilling success

Oct. 7, 2013 at 7:51 AM

MELBOURNE, Oct. 7 (UPI) -- Energy explorer Karoon Gas said it had an 80 percent success rate with its drilling programs to date, boasting a sizable campaign off Australia.

Karoon provided an update Monday of its net operations for the year. In the North Carnarvon basin in Australia alone, the company said it had six prospects that contained a mean prospective 2.8 billion barrels of oil.

The company said Friday it started drilling its Grace-1 exploration well, its fourth well of an exploration program in Western Australia.

It said Monday it had an 80 percent success rate in its drilling operations to date. Drilling targets two basins off Australia and three in Latin America, including lucrative prospects off Brazil.

Its Kangaroo basin off Brazil contains at least 11 million barrels of oil. Two new wells off Brazil are planned for the second half of next year.

It said as of September 2012, the company had total net prospective oil resources of at least 1.04 billion barrels.

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