Karoon announced an increase in its proven reserves (1P) in block BM-S-40 – which encompasses the producing Baúna and Piracaba fields and the Patola field, which is under development. The block, located in the Santos Basin, has 42.8 million barrels in 1P reserves, according to an assessment reviewed and certified by AGR Energy Services (dated December 31, 2022). The value is 17% higher compared to December 2021. In addition, Karoon also detailed that BM-S-40 has 55 million barrels in proven and probable reserves (2P) and 65.5 million barrels in reserves proven, probable, and possible (3P). Volumes represent increases of 23% and 7%, respectively, using the same basis of comparison.
“The material increase in the Baúna reserves follows extensive seismic reprocessing, reservoir modeling and dynamic simulation work carried out by our technical teams in Brazil and Australia,” said Karoon CEO Julian Fowles.
“The resolution of the reprocessed seismic is significantly better than the legacy datasets, decreasing the uncertainty in field volumes. The results of the three interventions in the recently completed Baúna well were very positive and, together with the information from the two Patola wells, provided valuable additional data points, which also helped in defining the reserves,” he added.
Karoon Energy has also recently made progress in preparations for the start of production at the Patola field. The company expects to start production in the area at the end of the first quarter of this year. The Noble Developer drilling rig completed drilling and completion activities on the field in mid-January. The installation of wells and Christmas trees in the two Patola development wells was completed earlier this month.
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