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A company spokesperson told EnergyReview.net that Karoon would continue "with or without BG," after announcing the Ramform Victory or a substitute vessel will start a minimum 400 square kilometre 3D seismic survey of the two leases on November 17.
The program also includes an additional 3D survey of up to 1200 square kilometres, including data processing, interpretation and evaluation, Karoon said.
Karoon said it had given BG an October 7 deadline to confirm its committment to the phase-two exploration program, after the UK-based company requested extra time to finish an internal report.
“If BG does not proceed with the 3D program by the October 7 deadline, Karoon intends to proceed with the 3D program as a 100% holder of leases WA-314-P and WA-315-P,” the company said in a statement.
“If required, Karoon would consider other potential partner opportunities after the completion of the 3D program.”
The permits are located less than 10km from the giant Scott Reef/Brecknock gas and condensate fields complex, estimated by Woodside Petroleum to contain roughly 21 trillion cubic feet of recoverable gas reserves with 210 million barrels of condensate.
