WA-398-P is immediately south of, and contiguous with, Karoon’s existing Browse blocks WA-314-P and WA-315-P, which it also holds in joint venture with ConocoPhillips.
The three blocks are believed to be highly prospective for large volumes of condensate-rich gas that could be used to feed an LNG plant.
This morning, Karoon said the permit has a term of six years from its grant date of May 1 and includes the following minimum work conditions. In the first year the partners are obliged to drill one exploration well, acquire 1400 square kilometres of 3D seismic and undertake geotechnical studies.
They are required to drill two exploration wells in the second year, one in the third and one in the fifth.
