The company received the approval from the Australian Government’s Department of Sustainability, Environment, Water, Population and Communities.
Karoon is now moving into the phase II drilling program, and the final drilling contracts for the five to eight well campaign are currently being negotiated.
The company expects the drilling program to begin in the fourth quarter of this year, and the operations are estimated to run for eighteen months to two years.
With the new Poseidon 3D seismic acquisition and processing completed, the JV has identified a range of exploration targets near the greater Poseidon/Kronos structure.
The results of the drilling campaign will allow the size and quality of the hydrocarbon accumulations within the exploration permits to be determined in preparation for a development decision.
Karoon believes that the additional new prospects identified are of sufficient size that, if successful, would result in a meaningful increase in the capacity and economics of an eventual LNG project.
