Karoon Energy Ltd. updated its 2C contingent resource estimates for Neon field in the S-M-1037 permit, about 210 km offshore Brazil in southern Santos basin.
The update follows integration of the results available to date from the Neon-1 (9-NEO-1-SPS) and Neon-2 (9-NEO-2D-SPS) control wells drilled earlier this year (OGJ Online, March 14, 2023). 1C resources increased 26% to 37.7 MMbbl, 2C resources increased 26% to 60.1 MMbbl, and 3C resources reduced 3% to 89.5 MMbbl.
The improved contingent resource definition for Neon field will facilitate technical and commercial feasibility studies for a potential Neon development, the company said in a release July 10. This analysis will be refined over the coming months as the dataset is augmented by results of ongoing laboratory and seismic reprocessing study programs. Updates to subsurface geotechnical evaluations will be incorporated into the engineering and commercial study workstreams as they become available.
Additionally, undiscovered, unrisked prospective resources for Neon West, a prospect about 2 km west of Neon within the S-M-1037 permit, have been assessed and booked. Karoon will provide an update on its reserve and resource position as of June 30, 2023, including results of ongoing work on the reserves at Baúna (BM-S-40), on Aug. 23, 2023.
Karoon is operator and 100% owner of S-M-1037.