The well is located 100km south-east of Melbourne in PEP 162 and EL 4537. It is targeting coal bed methane in the Cretaceous Strzelecki formation and a deeper conventional petroleum gas target at the Crayfish Group equivalent level which is prospective and productive in the Western Otway Basin.
The Megascolides-1 prospect is a broad faulted anticlinal structure with potential for hydrocarbon trapping at several levels. The CBM targets are from 700 to 1100 metres and the natural gas target is at a depth of 1700m. The well is expected to take 20 days to reach the proposed total depth of 2000m.
The Megascolides is a threatened species of giant Gippsland earthworm, growing up to a metre long.
Karoon has a 100% registered interest in PEP 162.
