US — Karoon Energy has announced a substantial increase in its Contingent Resource estimate for the Who Dat East gas-condensate discovery in the Gulf of Mexico.
The revision comes following the successful drilling and evaluation of the MC 509-1 (LLOG) appraisal/exploration well earlier this year.
The updated 2C Contingent Resource estimate for Who Dat East has risen by 191 per cent, from 5.4 to 15.7 million barrels of oil equivalent (MMboe) on a Net Revenue Interest (NRI) basis.
This significant increase is primarily attributed to the revision and extension of previous contingent volume estimates.
Key highlights of the resource update include:
- A 191 per cent increase in 2C Contingent Resources net to Karoon, from 5.4 to 15.7 MMboe (NRI)
- Liquids now represent approximately 45 per cent of the resource at the 2C level, up from 35 per cent pre-drill
- The discovery contains a relatively high liquid yield gas condensate of 134 bbl/MMscf
The Joint Venture is now progressing with preliminary development concept studies, including the evaluation of alternative production export routes.
These studies will be advanced over the next 12 months, incorporating findings from ongoing geotechnical and engineering assessments.
Dr Julian Fowles, Karoon‘s CEO and Managing Director, commented on the results: “The increase in the Contingent Resource estimate to 15.7 MMboe at the 2C level, NRI to Karoon, is a significant advance.
“This result positively impacts the feasibility and materiality of a potential Who Dat East development opportunity, which we now estimate to have a gross 2C resource base close to 50 MMboe, with further prospective upside.”
The company plans to complete an updated Prospective Resource assessment in the fourth quarter of 2024.
This assessment will incorporate further geotechnical analysis and integration of recent well results into a broader prospective review.
Karoon Energy expects to provide a further update on its resource position as of December 31, 2024, as part of its annual Reserves and Resources statement, to be released in the first quarter of 2025.
The successful drilling and resource upgrade at Who Dat East represent a significant step forward for Karoon Energy, potentially paving the way for future development in the Gulf of Mexico region.
