“The securing of the Ramform Victory is a major step forward toward the proposed two- well drilling program for 2006,” Karoon said.

The survey is expected to start in late November with the acquisition taking about five weeks. Karoon has also scheduled an additional 2D/3D seismic vessel to complete the required work over the next three months in both WA-314-P and WA-315-P.

“Results of the most recent geological, 2D seismic and aeromagnetic data interpretation continue to confirm the presence of large structures with the potential to contain large reserves of gas and condensate,” Karoon said.

“The interpretation confirms the geologic similarity to the Scott Reef and Brecknock gas and condensate fields immediately to the south.”

Karoon Gas holds 100% working interest in both of these permits.

Meanwhile in Victoria, work has now begun on the 2D seismic survey has now begun in the Gippsland Basin over onshore Gippsland permits permits PEP162 and EL4537 where Karoon is targeting coalbed methane and conventional gas.

This 250km 2D survey and is expected to be completed in late November. Karoon Gas holds a 100% working interest in both these permits.