Karoon was awarded exploration permit EPP46 during October 2016. The permit covers 17,793 square kilometres 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 Ceduna Sub-Basin hosts one of the world's last underexplored Cretaceous basins.The geology, potential target size and surrounding exploration activity make it a very exciting high impact opportunity broadening Karoon's exploration portfolio.
Equity interest of the participant in EPP46 is:
|Karoon gas Browse Basin Pty Ltd (Operator)||100%|
Karoon's initial 3-year firm commitment consists of acquiring an extensive 2D seismic survey over the permit area, a targeted 3D seismic survey and geotechnical studies.
The initial 3-year firm commitment period expires during October 2019.
The Ceduna Sub-Basin is the major depocentre of the GAB and hosts a massive Cretaceous delta system, analogous to some of the great petroleum provinces around the world. There is a thick sedimentary succession with multiple structural and stratigraphic stacked play types. The sediments thicken in the central to outer areas of the sub-basin, which remain largely untested
Historically only four wells have been drilled in the Ceduna Sub-Basin based on 2D seismic data only. With the exception of the Gnarlyknots-1/1A exploration well, all drilling was focused in the shallower, flanking depocentres in shallower waters near the basin margin. The deeper part of the GAB remains largely untested and is the main industry focus for the current exploration programs.
Historical geoscience studies, seismic surveys and exploration drilling support the presence of a working petroleum system, supported by the following:
Organic rich Turonian source rocks were recovered from samples off the seafloor.
Historical 2D seismic shows potential for structuration likely to result in large trapping geometries including tilted
fault blocks and anticlines.
Historical 2D seismic provides encouraging seismic amplitude support in a number of plays.
Natural oil and gas seeps evidenced.
Greenly-1 exploration well had oil and gas shows as well as intersecting good quality sandstone reservoirs.