Karoon starts new farm-out process

15/03/19

Karoon is conducting a new process of farm-out of its assets in the Santos Basin. It encompasses the S-M-1037, S-M-1101, S-M-1102 and S-M-1165 blocks, all operated by the company with a 100% stake. The Australian oil company said in a report published that a data room with the geotechnical material of the areas will be made available in the coming weeks.

Karoon said it is continuing to look for service companies and FPSO operators that want to form a joint venture to work on the development of the Neon and Goiá discoveries, which are located in the four blocks in the process of farm-out.

The revised field development plan foresees drilling a well in Neon that will serve as a model for future wells planning. The annexation of the Goiás Sul and Neon Sul fields to those of Goiia and Neon was approved in January, and the asset development plan should be sent to the ANP by July.

The oil company added that it is looking for new exploration and production assets in Brazil. One of the targets is the Baúna field in the Santos Basin, which is included in Petrobras’ divestment plan.

Portfolio

Karoon has a 100% participation in blocks SM-1037, SM-1101, SM-1102, SM-1165, SM-1166 and SM-1537, where studies indicated a main prospect with reservoir in rocks of high porosity and permeability, as in the fields of Piracaba and Baúna. All assets are in the Santos Basin.

Financial results

Karoon reported a loss of $ 13.3 million in the second half of 2018, reducing losses of $ 28 million a year earlier. Revenue in the period was $ 15.7 million compared to $ 171 thousand in the last six months of 2017.

Source: Brazil Energy Magazine

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