Karoon wildcat hits off Brazil

Jumping for joy: Karoon wildcat finds oil off Brazil

AP/Scanpix

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Kathrine Schmidt

 24 January 2013 23:15 GMT

Australian player Karoon said its Kangaroo-1 wildcat found oil on Thursday in Brazil's Santos Basin.

At about 6 am local time, the well came across an estimated 25-metre column of oil in Eocene reservoirs, an unexpected find, the company said.

The full "trap" is estimated to contain a 350-metre light oil column, to be confirmed by further wireline work and testing, Karoon said.

The probe was drilled to a total depth of 3049 metres.

Karoon shares jumped 16% on Australian exchanges to a high of A$6.24 in early-morning trading, according to Reuters.

"The well intersected the Eocene reservoir section 300 metres down dip from the trap crest as interpreted on…

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