Karoon holds a 65% interest in and is operator of the jointly held block S-M-1165, Santos Basin. Upcoming Well Program The exploration and appraisal drilling campaign, operated by Karoon, plans to utilise the ’Olinda Star’ semi-submersible drilling rig for the entire campaign, which is expected to continue into the first half 2015. Karoon has recently taken possession of the Olinda Star semi-submersible drilling rig from Petrobras. The rig contract provides Karoon with 2 firm wells plus 2 option wells, providing maximum flexibility for further appraisal of the Kangaroo oil discovery, including testing and appraisal of the Kangaroo West prospect in the event of a successful drilling in the first 2 wells.

The second well in the program is the Kangaroo West-1 exploration well. Due to the large size and proximity to Kangaroo, a successful outcome at Kangaroo West-1 would materially add to any possible development of the Kangaroo oil field. The play type for Kangaroo West-1 is proven at Kangaroo-1 with the intersection of a 76m gross oil column and oil recovered to surface from wireline DSTs. Kangaroo West-1 is located on the western flank of the same salt structure as Kangaroo-1 and has the same trap type and reservoir and seal intervals that have been mapped into the prospect from surrounding wells.

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