Karoon Gas Australia Limited
(ASX:KAR) says the potential size of its Bilby oil discovery offshore Brazill has expanded.
A total of seven oil samples have now been recovered to the surface, with one opened for early oil quality assessment.
Karoon says the discovery of oil provides confidence in other prospects within Karoon’s Brazilian exploration blocks.
The company says a three-well drilling program at Kangaroo, Emu and Bilby will be concluded after the evaluation on Bilby.
Karoon says its working to secure a rig for follow up appraisal drilling on the Kangaroo and Bilby fields as a result of the discoveries so far.
Karoon Gas posted a net loss of $8.7 million in the first half of the current financial year.
