MT MARTHA, Australia – Karoon Energy Ltd. has executed binding agreements with Stena Drilling and Tullow Oil to contract the drillship Stena Forth.
Karoon is the operator and holds 40% in block Z-38.
The Marina exploration prospect is a large fault bounded structure in the Tumbes basin with prospective reservoirs at multiple levels from 900 m to 2,900 m (2,952 ft to 9,514 ft) subsea. Gross prospective resources are estimated at 256 MMbbl.
Marina-1 will be the first well drilled on block Z-38. Water depth is about 350 m (1,148 ft). Planned total depth of the well is 3,026 m (9,928 ft).