Santos Basin Brazil: Resource Volumes and Development Concepts 17 September 2015 Rodrigo Hill / Amago Images Olinda Star Semi Submersible Drilling Rig, Echidna-1 Production Test
Corporate Overview: Managing Director, Robert Hosking 3
Corporate Overview Karoon seeks to create shareholder value through an exploration led growth strategy - Karoon is a global oil and gas independent - Current market cap A460 million (17/9/15, A1.87ps) - A553 million cash at bank…
The Development Pathway Upon appraisal success in the Santos Basin, Karoon is looking to transition into an oil producer - The Kangaroo and Echidna oil discoveries have a combined gross contingent 2C resource of 129mmbls (84mmbbls net…
Resource Update: Exploration Manager, Antonio Tisi 6
Santos Basin Brazil: The Setting 7
Field Evaluation Progress Geoscience Evaluation: Engineering and Economic Evaluation: - Detailed mapping with 2 millisecond 3D seismic - Pre-FEED studies identifying and assessing a data set, geological correlation and facies range of…
Mapping and Seismic Attributes Puggle Lead Echidna Emu Updip Prospect AVO calibrated at Paleocene level shows; - Excellent match of AVO anomaly results with mapping and pressure data defining the Platypus Paleocene…
Kangaroo Field Joey Prospect Kangaroo Area Top Paleocene Depth Map Greater confidence in resource certainty at Kangaroo due to: - Greater well control post Kangaroo-2 and side tracks - Higher quality 2 millisecond 3D seismic data…
Echidna Field Echidna Area Top Paleocene Depth Map. Greater confidence in resource certainty at Emu Updip Prospect Echidna due to: - A good match between the seismic amplitude anomalies and the oil water contacts calculated from…
ANP Approved Appraisal Plan The Appraisal Plan (PAD) was approved by the Brazilian oil and gas regulator, the Agncia Nacional do Petrleo, Gs Natural e Biocombustveis (ANP) during August 2015. Firm Commitments Period ends 31 December…
Project Management Team & Development Concepts: Project Development Advisor, Jos Formigli Project Manager, Ricardo Abi-Ramia 14
Project Development Team A petroleum enginner with over 30 years experience in planning, designing, implementing and operating production systems in shallow, deep and ultra-deep waters in Brazil Jos Formigli Worked for 32 years with…
Planning the Field Development Offshore projects are capital intensive and complex undertakings requiring a phased gated process to select and execute on development. Key Phases and Elements: Appraisal and Selection: - Develop a…
Development Considerations Key Attributes of Karoons Blocks - Water Depth: 270 400 meters - Oil API Gravity: 33 40 degrees - Estimated oil production per well: 10,000 bpd Key Development Drivers - Flexibility to adapt to reservoir…
Development Strategy A FPSO facility with subsea completions connected through flexible lines is the primary choice for this kind of offshore field scenario in Brazil Consideration Strategy / Advantages - Flexibility for expansion -…
Early Production System (EPS) The objective of an EPS is to evaluate reservoir behavior and as a result get technical parameters required for a better design of the Definitive System. The EPS likely comprises: - Leased FPSO - 2…
EPS Example: Bana e Piracaba An EPS followed by FFD is a proven field strategy. This approach was used recently in Brazil in the following development: 1 - Tiro e Sidon (now Bana e Piracaba) EPS Full Field Development Early…
Significant Cost Components Capital Expenditure - Appraisal wells (vertical) US30-40 million per well - Horizontal producers US140-185 million per well* - Gas and water injectors US100-145 million per well* Capex includes: - Well costs…
Concept 1. Echidna and Kangaroo Development Concept: Contingent 2C Resource: 129mmbbls (84mmbbls net to Karoon) EPS - Production per well: 10kbpd - 2 Horizontal Producers - 1 Gas Injector FFD* - Production per well: 10kbpd -…
Concept 2. Echidna Standalone Development Concept: Contingent 2C Resource: 75mmbbls (49mmbbls net to Karoon) EPS - Production per well: 10kbpd - 2 Horizontal Producers - 1 Gas Injector FFD* - Production per well: 10kbpd - 5…
Concept 3. Echidna and Kangaroo Development Concept: Contingent 3C Resource: 252mmbbls (164mmbbls net to Karoon) EPS - Production per well: 10kbpd - 2 Horizontal Producers - 1 Gas Injector FFD* - Production per well: 10kbpd…
Key Points - Increased confidence in the contingent resource volumes, strong production test results, and the shallow water and shallow reservoir setting continue to support the potential for a combined or standalone development option…
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