Karoon Energy contracts drillship for Peru expedition

The drillship, equiped with dynamic positioning (DP), has been contracted to drill the Marina-1 exploration well in a Karoon co-owned and operated Block (Z-38) in Tumbes Basin, Peru. Karoon’s wholly owned subsidiary, KEI Sucursal del Peru, owns a 40% operating equity interest in the Blocks, with Tullow Oil Limited holding 35% and Pitkin Petroleum holding the remaining 25% equity interest.

The Marina-1 well sits in water depth of approximately 350 m. In the case of success in Marina-1, there is potential for a de-risking of a list of additional prospects in the block, totalling over a billion barrels of prospective fossil fuel resources on a gross basis. The drillship assignment provides Karoon with a single well slot from the existing rig contract between Tullow and Stena.

Karoon managing director, Robert Hosking said: “The contracting of the Stena Forth for the exploration of the Marina Prospect is an exciting opportunity for Karoon.” Describing the Stena Forth as a “harsh-water drillship with capabilities to drill in far deeper water depths and much harsher sea states than those found in Northern Peru”, Mr Hosking confirmed Karoon “is happy to have secured the use of such a high quality vessel for this well."
Karoon has been working for some time to assess the prospectivity of the block. It attracted a farm-out partner, Tullow, to prepare for drilling; in January 2018, Tullow acquired 35% interest in the offshore block. In September 2018, Karoon announced it would begin drilling the first well at the block by early 2020.