Corporate Overview

Karoon Gas Australia Ltd (Karoon) is a global oil and gas exploration company headquartered in Melbourne, Australia, with country offices in Brazil and Peru.

Karoon was listed on the Australian Securities Exchange (‘ASX’) on 8th June 2004 (ASX code: KAR) with a market capitalisation of approximately A$8million. Today, Karoon ranks as one of the Top 10 ASX listed oil and gas companies by market capitalisation and is a member of the S&P/ASX 200 Index (admitted in 2008). Since listing, Karoon has acquired a global portfolio of oil and gas exploration assets.

Karoon typically looks for high equity interests in early stage exploration opportunities containing large potential targets in basins with proven Petroleum Systems. Karoon strives to create shareholder value through the geotechnical work-up of the acreage, leveraging its high equity interests to explore and appraise these opportunities to achieve commercialisation.

While the company’s core strategy is identifying off-shore early stage exploration opportunities, Karoon’s longer-term strategy is to retain residual equity interests in the assets as they go into production. 


Karoon’s projects are in 3 key geographies, Australia, Brazil and Peru:

  • Australia – Karoon has a working interest in 4 off-shore permits across the Browse and Carnarvon basins. The permits are located approximately 300 to 350 kilometres from the north Western Australian coastline and cover a combined area of 21,458 square kilometres.


  • Brazil – Karoon has a working interest in 6 offshore blocks in the Santos Basin. The blocks are located approximately 200 kilometres from the coastline of the State of Santa Catarina and cover an area of 599 square kilometres.


  • Peru – Karoon has a working interest in an off-shore block in the Tumbes Basin. The block is located approximately 10 kilometres from the north-west coast of Peru and covers an area of 4,750 square kilometres. In addition Karoon has a working interest in an on-shore block in the Maranon Basin, on the eastern side of the Andes mountain range and covers an area of 6,836 square kilometres.


Exploration Highlights 



2005-Acquired exploration permits WA-314-P and WA-315-P in the Browse Basin(100%) 


2006 - Farm-out to ConocoPhillips 60% equity interest of above permits 


2007 - Awarded exploration permit WA-398-P in the Browse Basin (40%) 


2008 - Acquired 1,900 sq km 3D seismic survey within WA-398-P 


2009 - Poseidon gas discovery, from drilling the Poseidon-1 exploration well 


2010 – Gas discovery and production test at Kronos-1 exploration well 


2010 - Acquired 2,828 sq km 3D seismic survey over the whole of the greater Poseidon structure and surrounds 


2011 - Increased its equity interest in WA-314-P from 40% to 90% 


2012 – Gas discovery and production test at Boreas-1 exploration well 


2012 - Farm-in to exploration permit WA-482-P, in the North Carnarvon Basin (100%) 


2013 – Gas discovery at Zephyros-1exploration well 


2013 – Acquired 2,386 sq km 3D seismic survey within WA-482-P 


2013 – Gas discovery and production test at Proteus-1 exploration well 




2007 - Awarded 5 exploration Blocks in the Santos Basin (100%) 


2010 - Acquired 750 sq km wide azimuth 3D seismic survey (first in Brazil) over its Santos Basin Blocks 


2010 - Farm-in to Petrobras exploration Block S-M-1352 (20%) in the Santos Basin, Maruja discovery 


2012 - Farm-out 35% of 5 exploration Blocks in the Santos Basin to Pacific Rubiales Energy Corp 


2013 - Discovered 42 degree gravity API oil column at Kangaroo-1 exploration well 


2013 – Discovered 28 degree gravity API oil column at Bilby-1 exploration well 




2008 - Farm-in to exploration Block Z-38, in the Tumbes Basin (60%) * 


2009 - Awarded exploration Block 144, in the Maranon Basin 


2009 - Acquired 2,300 km 2D seismic within Block Z-38 


2010 - Acquired 1,500 sq km 3D seismic within Block Z-38 


2011 - Equity interest in Block Z-38 increased to 75%* 


* Subject to completion of farm-in obligations 


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