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Olinda Star semi‐submersible contracted for 2016 Santos basin appraisal

Karoon Gas Australia Ltd is pleased to announce that it has executed final agreements with members of the QGOG Constellation S.A. Group to contract the Olinda Star semi-submersible drilling rig.

The Olinda Star has been contracted to drill two firm wells and two optional wells in Karoon’s 65% owned and operated Santos basin blocks S-M-1037, 1101, 1102, 1165 and 1166, with drilling scheduled to commence during the 3rd quarter calendar year 2016.

The firm wells are planned for the appraisal drilling of the Echidna light oil discovery and will satisfy Karoon’s Santos basin drilling commitments required under the revised Discovery Appraisal Plan, approved by the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

Karoon’s wholly owned subsidiary, Karoon Petróleo e Gás Ltda, owns a 65% operating equity interest in the blocks with Pacific Exploration and Production Corp. holding the remaining 35% equity interest.

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