The Who Dat East appraisal/exploration properly and the Who Dat South exploration properly offshore within the U.S. Gulf of Mexico (GOM) have been authorised for drilling by their respective joint ventures.
The operator of the belongings, LLOG Exploration Firm, L.L.C., has confirmed the drilling approvals, Karoon Vitality Restricted stated in an announcement Wednesday on the Australian Securities Alternate. The overall value of the 2 wells is predicted to be $67 million to $77 million web to Karoon.
Who Dat is a standard deepwater oil and fuel operation situated in roughly 2624.7 ft (800 meters) of water offshore Louisiana throughout the federal waters of the U.S. GOM.
Who Dat East lies roughly 16.8 miles (27 kilometers) east of the Who Dat floating manufacturing system (FPS). The Who Dat East properly, MC 509-1, is predicted to spud within the first half of April utilizing the Noble Valiant drill ship. LLOG and Karoon every personal a 40 % stake, whereas Westlawn Group owns the remaining 20 %.
The intention of the properly is to delineate a discovery made in 2001, and check further targets within the Center Miocene part. Karoon famous that Who Dat East is estimated to comprise 17 million barrels of oil equal (MMboe) of gross unrisked 2C contingent sources and 35 MMboe of gross unrisked 2U potential sources, with an mixture geological likelihood of success estimated to be 62 %. The properly, which shall be drilled as a deviated gap with a complete measured depth of roughly 26,000 ft (7,925 meters), will take roughly 56 days to drill and consider.
The Who Dat South prospect is situated roughly 6.8 miles (11 kilometers) southwest of the Who Dat FPS. The Who Dat South exploration properly, MC 545-1 (LLOG), is predicted to spud in the direction of the top of the second quarter utilizing the Seadrill West Neptune drill ship. LLOG owns a 40 % stake within the prospect, whereas Karoon and Westlawn every personal 30 %.
The target of the properly is to check two targets within the Miocene part, with the shallower goal being just like the reservoir within the G-1 properly in Who Dat. Karoon stated the Who Dat South prospect is estimated to comprise 31 MMboe of gross unrisked 2U potential sources, with the geological likelihood of success estimated to be 52 %. The properly, which shall be drilled as a deviated gap with a complete measured depth of roughly 24360 ft (7,425 meters), is predicted to take roughly 50 days to drill and consider.
Because of the settlement to drill the Who Dat East and Who Dat South wells, Karoon stated its whole dedicated CAPEX for 2024 has elevated to $117 million to 134 million, a lift of $67 million to $77 million. The Who Dat East exploration drilling prices embrace a two-for-one carry, capped at $23 million, the corporate famous.
Karoon stated the contingent CAPEX of $33 million to $43 million referring to the Who Dat West exploration properly continues to be topic to the approval of the three way partnership.
The overall estimated value of the three properly GOM drilling program of $100 million to $120 million, together with all different beforehand supplied steerage, is unchanged, the Australia-based firm stated.
Karoon in December 2023 acquired pursuits within the U.S. GOM from LLOG for $720 million. The acquired belongings embrace a 30 % working curiosity within the Who Dat and Dome Patrol oil and fuel fields and related infrastructure, an roughly 16 % working curiosity within the Abilene area and ranging pursuits in adjoining exploration acreage.
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