Quadrant Energy spuds Levitt-1 well offshore Western Australia

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

Levitt-1 was spudded on July 4. The shallow hole section has been drilled 73 m, in a water depth of 1,163 m to the current depth of 1,262 mRT and the conductor casing has been set. Preparations are underway to commence drilling in the 17-1/2 in. hole section later on Monday.

The Ocean America semisubmersible is being used to drill the well, which is targeting a net unrisked prospective resource best estimate of 110 MMbbl (gross 220 MMbbl). 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.

Karoon has a material 50% equity interest in WA-482-P and is carried for 90% of the cost of the well. JV partner, and operator Quadrant Energy Australia has the remaining 50% interest.