Karoon to explore in Great Australian Bight
MELBOURNE, Australia -- Karoon Gas Australia has been awarded a license for exploration permit EPP46. The permit covers 17,793 km2 of Australia’s most active and prospective frontier oil province, the Ceduna sub‐basin, in the Great Australian Bight (GAB), offshore South Australia.
The GAB holds one of the world’s last under-explored 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.
Explorers, including BP, Statoil and Chevron, have committed approximately A$1 billion to drill 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,” the company said.
