Diamond Offshore “Ocean America” Semi-Submersible Drilling Rig

Karoon has contracted a semi-submersible drilling rig to drill the first well for Apache and Karoon in the northern Carnarvon Basin exploration permit WA-482-P. The Levitt-1 exploration well is expected to spud during May 2015.

Karoon was advised on Friday afternoon 20 March 2015, by the Operator, Apache Northwest Pty Ltd, that the Diamond Offshore semi-submersible drilling rig, 'Ocean America', has now been contracted to drill Levitt-1.

Subsequent to the farm-out of a 50% equity interest in the permit to Apache during May 2014, Apache will be responsible for 90% of the cost of the Levitt-1 exploration well up to a total well cost of US$70 million. The net to Karoon dry hole cost is estimated to be approximately US$5 million.

Tags: Karoon Gas Australia Ltd