Energy exploration company Karoon Gas Australia Ltd
(ASX:KAR) CEO Robert Hosking has told ABC TV that the company’s project in the Browse Basin is comparable to Woodside Petroleum’s North West Shelf discovery.
The Australian Associated Press reports Mr Hosking saying that although it is too early to confirm the full potential of the project, early finds appear to be very bullish.
AAP says ConocoPhillips CEO, Jim Mulva, Karoon’s joint venture partner in the project, says that there is at least 16-20 trillion cubic feet of gas at the site.
AAP reports Mr Hosking however says Karoon may have reserves of over 1 billion barrels of oil equivalent in six to eight months.
Karoon Gas Australia has posted net losses over the last five years.
