This data, acquired by the Pacific Sword vessel will now be processed for interpretation in November, the Victoria-based company said.

Processing of the first portion of 3D seismic data covering 850sq.km is now complete, with interpretation and mapping underway. Karoon said early results have confirmed the position and size of the two leads, Updip Buffon and A Lead, in the survey area.

“Improved data quality and coverage has allowed the volcanics and reservoir intervals within the closures to be mapped far more accurately to better define potential reserves, confirming initial potential reserve estimate ranges from the earlier 2D seismic mapping,” Karoon executive director Robert Hosking said.

“An extensive and detailed mapping and analysis program is ongoing to best define drilling locations.”

In addition, processing of Karoon’s 850sq.km 2D seismic survey is almost complete with final processed lines to be available for interpretation in the coming weeks.

With this seismic acquisition work finished, Karoon says it has fulfilled and exceeded the Year 2 work program commitments in both permits.

Hosking said Karoon has started showing the new 3D seismic data and preliminary interpretation to interested companies via booked data room visits. Currently the data rooms are booked out to the end of August.

Meanwhile in the Gippsland Basin, Karoon is designing a three-well exploration drilling program to test the commercial viability of the Narracan Trough. The drilling program will follow-up on the high quality oil shows discovered in the Megascolides-1 well and the results of last year’s 2D seismic survey data.

Interpretation of this seismic data is continuing, with results revealing a number of prospective structures and has demonstrated that the Megascolides-1 well intersected a structure near the lower limit of the closure. Further Gippsland 2D seismic interpretation results shall be available in the third quarter, Hosking said.

Karoon has contracted Upstream Petroleum, an experienced drilling and development service group, to secure a drilling rig and assist with the planning approvals and operations of the drilling program. It has also signed a letter of intent with drilling outfit Century Drilling to start the drilling program in November using their Century Rig 11.