The Veritas vessel “Pacific Sword” is expected to start the second stage of the 2D/3D seismic acquisition in late January 2006. This survey will include 286 square kilometres of 3D seismic and 845km of 2D seismic survey over both permit. It is due for completion in February 2006.

“Veritas has been contracted to process all the seismic data with each survey taking approximately 18 weeks to process in preparation for seismic interpretation in the second quarter of 2006,” Karoon said.

Meanwhile, the company reports that the extended deadline for farm-in offers for its Browse Basin (WA-314-P & WA-315-P) acreage has led more companies to evaluate the opportunity.

“Karoon anticipates having a farm-in agreement and joint operating agreement completed early in the first quarter of 2006,” the company said.