Karoon Gas Australia Ltd is pleased to announce the production test results from the Company's most recent discovery, the Echidna-1 exploration well in the Santos Basin, Brazil. The test produced a facility constrained stabilised flow rate of 4,650 bopd (over 2 hours) from the Paleocene reservoirs with a flowing well head pressure of 504 psig on a 1' choke. Oil samples recovered during the test measured 38.6 degree API oil gravity with a gas-oil-ratio of 701 scf/stb, with no measurable CO2 and H2S present, and no sand production.

Echidna-1 was drilled in Block S-M-1102 intersecting a 213 metre gross (104 metres net) oil column in Paleocene and Maastrichtian aged reservoirs. Karoon is the operator and has a 65% interest in the jointly held Block with partner Pacific Rubiales Energy Corp holding the remaining 35% interest.

Karoon's Managing Director, Mr. Robert Hosking said, 'The Echidna discovery and production test represent a significant milestone, moving Karoon a step closer to realising the Company's ambitions of developing an integrated production hub in the Santos Basin.

Tags: Karoon Gas Australia Ltd