Meanwhile, Karoon has completed the first stage of the 3D seismic survey over WA-314 and WA-315, located in Browse Basin.

The seismic data is now being processed and should be ready for interpretation in May 2006. The Veritas vessel Pacific Sword is expected to start the 2D seismic surveying in late February while the balance of the 3D surveying is expected to begin in late April.

Karoon is also negotiating for drilling rig slots for the start of a two-well drilling campaign.

Meanwhile, processing of the 255 km 2D seismic surveys of Karoon’s Gippsland coal seam methane operations is expected to be complete by the end of February.

Early results are encouraging with evidence of a number of structures indicated, the company said. Interpretation and mapping is scheduled to be completed in April.