Karoon Energy has started drilling at the Marina‐1 in January 2020, using Stena Forth, a DP Class 3 drillship and completed the drilling at a depth of 3021mm
Karoon’s subsidiary KEI (Peru Z‐38) Sucursal del Peru operates the Block Z‐38 with a 40% equity interest, while Tullow Oil holds 35% and Pitkin Petroleum holds the remaining 25% equity interest.
The company has signed binding agreements with Stena Drilling and Tullow Oil for the Stena Forth drillship and has executed the agreements in November 2019.
Karoon Energy intends to analyse the results from Marina‐1 exploration well drilling
Karoon said that the well encountered thin water-bearing sands with no oil and only minor gas, through the mudlogging and LWD logging results from the primary targets in the Tumbes Formation.
In addition, Marina‐1 provided large amounts of valuable data on the geological setting for the Tumbes Basin region. Various potential reservoir sequences were encountered in the well sections, which were water wet and provided no prospectivity at the location.
The final logging at the Marina‐1 exploration well has been completed and the company is planning to plug and abandon the well. It has no further drilling planned in Block Z38, as part of the drilling campaign.
The company said that the drilling operations at the well were progressed on time, according to the plan, and within the budget, and no safety or environmental incidents were reported.
Karoon is engaged in the exploration of oil and gas reserves and acquiring oil and gas exploration assets and operating assets across the world.
Furthermore, the company said that it is primarily focused on completing the Baúna acquisition and deliver growth aspirations in Brazil.