Karoon Announces Preparation For New Drilling Operation At Neon Field After Success In Results From Pioneer Well Neon-1 In Santos Basin

The Company Achieved Optimistic Results in Drilling the First Well of the Neon Field in Recent Weeks. Now, Karoon Has Announced That It Will Continue with the Exploration Campaign in the Santos Basin with a New Drilling to Follow.

The week was brought to a close with great results for the exploration campaign in the Santos Basin by the oil company Karoon. The company is preparing to continue with the drilling operations in the Neon Field, following the success of the Neon-1 pioneer well. The company is quite optimistic regarding the next steps of its oil and gas exploration campaign in the Santos Basin, which is expected to continue throughout the year.

Following Good Results from the Pioneer Well Neon-1, Karoon Prepares to Continue the Drilling Campaign in the Neon Field in the Santos Basin

The oil company Karoon has been heavily investing its efforts in the exploration of oil and natural gas in the Santos Basin region.

Now, it has reported the preliminary results of the drilling of the first well in the Neon area, located in the basin.

According to the company, the first well to be drilled on site, Neon-1, reached a final total depth of 2,382 meters of measured depth, thus ensuring good initial results.

Additionally, Karoon confirmed the presence of more than 25 meters of net pay during the drilling operation.

These figures reveal the positive exploration potential for oil and gas in the Neon Field area.

“While the evaluation is ongoing, the preliminary analysis of the logging data during drilling (LWD) and wireline available so far, including the preliminary inspection of whole core samples, confirms that the primary target zones of Paleocene sandstone are present and contain oil at this location,” stated the company.

Following the positive initial results, the company is preparing to continue with the campaign and begin drilling the Neon-2 well in the Santos Basin area.

The expectation is that Karoon will commence activities in the Neon Field by the end of February.

With that, it will continue its efforts and investments for the exploration of the available fuel reserves in the area.

Drilling of the Neon-2 Well in the Neon Field Will Continue the Search for New Results for the Company in the Santos Basin

With the good results from the first well drilled in the Neon Field, Karoon is focusing its efforts on continuing the campaign.

The objectives for Neon-2 will be to determine the quality and continuity of the Paleocene units and to determine the pressure connectivity of the Paleocene with the two wells already drilled.

Additionally, the oil company hopes to operate in an even deeper exploration area in the new well in the Santos Basin.

It highlighted that it is acquiring a logging set that will provide the necessary data for the continuation of the campaign.

“As soon as the logging is completed, the rig will be mobilized to the Neon-2 well site, with the expectation that drilling will start before the end of February,” said Karoon’s CEO, Julian Fowles.

Karoon’s projections for the Santos Basin area are 30 million barrels (1C), 55 million barrels (2C), and 92 million (3C), dated May 2018.

Now, it will continue the drilling campaign with the new well in the Neon Field in the coming months.