Oil discovered at Echidna-1 well in Brazil

Brazil

BRASíLIA, April 22, 2015 – International operators Karoon Gas Australia and Pacific Rubiales Energy have confirmed a 213-metre gross oil column in the Echidna-1 exploration well in the Santos Basin, Brazil.

Physical oil samples recovered from the find have an API gravity of 39.5 degrees, with a gas-oil ratio of 21.2 cubic metres (750 cubic feet) per barrel. The drilling of the Echidna Prospect began on March 31, 2015 and reached a total depth of 2,379 metres on April 12.

The Echidna-1 exploration well is situated in Brazil’s block S-M-1102. Karoon Gas Australia is the operator of the block with a 65-percent stake in the asset, with Pacific Rubiales Energy assuming the remaining 35-percent share.

“The Echidna discovery represents another significant achievement for Karoon. Echidna adds incremental resource to Karoon’s discovered Kangaroo oilfield, which further supports Karoon’s ambitions to develop an integrated production hub in the Santos Basin,” Robert Hosking, managing director of Karoon Gas Australia was reported as saying.

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