Karoon Gas Australia Ltd. has commenced the high impact Levitt-1 exploration well in WA-482-P Carnarvon Basin, offshore Western Australia.

Levitt-1 was spud 1230 AEST July 4. The shallow hole section has been drilled 239 feet (73 meters), in a water depth of 3,815 feet (1,163 meters) to the current depth of 4,140 feet (1,262 meters) Rotary Table and the conductor casing has been set. Preparations are underway to commence drilling in the 17.5 inch hole section later today.

The Ocean America (DW semisub) is being used to drill the well which is targeting a net unrisked prospective resource best estimate of 110 million barrels (gross 220 million barrels). Total depth is expected to be reached during early August.

Levitt-1 is designed to test the presence of a working petroleum system generating from the Wigmore sub-basin. The sub-basin contains a significant thickness of Jurassic source rocks of the same age as those known to charge petroleum accumulations elsewhere in the Basin. The well is located to evaluate the deeper North Rankin and the shallower Legendre formations which are expected to receive hydrocarbons migrating from the oil mature source kitchen. A successful result would open up a new exploration play in the Carnarvon Basin.

Tags: Karoon Gas Australia Ltd