Karoon’s initial three-year commitment in Block EPP 46 requires the acquisition of 2D and 3D seismic surveys but not an exploration well.
The indicative value of Karoon’s firm commitments is A$26 million or A$1455 per square kilometre.
"The geology, potential target size and surrounding significant near term exploration activity make it a very exciting high impact opportunity," said Karoon.
Major companies including BP, Statoil and Chevron have made committments to drill nine exploration wells in the surrounding permits during the next 24 months, with BP and Statoil due to start in the coming months.
