Karoon said the JV had booked the Sedco 703 rig to start drilling three wells in the JV’s three permits – WA-314-P, WAP-315-P and WA-398-P – in the third quarter of next year.
The three wells will satisfy the first-year work program commitments for each of the permits, which were recently extended for 12 months.
Under its farm-in obligations, ConocoPhilips will operate and fund 80% of the drilling and testing costs for the exploration wells in WA-314-P and WA-315-P, and 60% of a well in WA-398-P. Karoon will pay the remainder.
The three permits, which are immediately on trend with the giant Scott Reef-Brecknock gas fields, are believed to be highly prospective for large volumes of condensate-rich gas that could be used to feed an LNG plant.
