In a presentation to investors, Karoon compared the two offshore permits to the North West Shelf project.
“Allowing for some exploration failure, there is potential in the Karoon acreage of the discovery of reserves of similar magnitude to that of the NWS project,” the company said.
In February, Karoon said recently acquired 2D and 3D seismic data indicated the potential for over 20 trillion cubic feet of gas and associated liquids in leases, which lie close to and on trend with the giant Scott Reef/Brecknock gas fields.
“The seismic program was designed to provide a range of options for the planned two-well program,” Karoon told investors.
The 2D program was undertaken using the Ramform Victory and the 3D survey using the Pacific Sword.
From the data, Conoco has to date high graded the Kon-Tiki, Grace and Poseidon prospects.
In its presentation, Karoon estimated that the Grace prospect had the potential to contain 6.45 trillion cubic of recoverable gas and 123-277 million barrels of condensate (most likely estimates). It said Grace was a low-risk prospect, located in 575m of water.
The Kon-Tiki prospect, described as medium risk, is in 500m of water and potentially contains 12.86Tcf and 244-553MMboe.
Meanwhile, Poseidon is also described as a low-risk prospect with 3.46Tcf and 49-112MMboe. Karoon said Poseidon, which is in 480m of water, was the closest analogue to Woodside’s Scott Reef field.
Karoon also talked-up the Buffon-1 prospect, which returned 20% higher gas readings that Woodside’s nearby North Scott Reef-1 well, when drilling the proven gas productive reservoirs.
“There is a strong case that the Buffon-1 well intersected a large gas accumulation,” Karoon said.
The company said results from the 3D seismic survey had “greatly increased resolutions at all levels”.
“[We are] now able to better differentiate the varying volcanic and Plover reservoir interval relationships across the structures,” it said.
“Reservoir (volume and distribution) was recognised as one of the key risks that the 3D seismic was designed to address.”
