## 2010-2011 OPERATIOnS COnTInUEd 

fOR THE fInAnCIAL YEAR EndEd 30 jUnE 2011 

## Peru Block 144 

Block 144 is located within the onshore Maranon Basin, on the eastern side of the Andes mountain range. The block was awarded to Karoon in April 2009. During the financial year, Karoon continued its geotechnical, social and environmental work in the block and completed the reprocessing of an existing 1,000 kilometres of 2D seismic data. 

## Seismic Reprocessing and Interpretation 

Geophysical interpretation using the reprocessed data has identified the presence of a four-way dip closed structure in the southern portion of the block. This prospect, named Patria, has an estimated net mean prospective resource of approximately 120 million barrels. The Patria prospect is located in proximity to a navigable river and an underutilised oil export pipeline from the Maranon Basin to the Pacific Ocean, offering potential lower cost development opportunities. 

The assessment of the reprocessed seismic allowed Karoon to make a decision to commence the next exploratory phase in this block, with a commitment to acquire 300 kilometres of 2D seismic. The new seismic acquisition is expected to be concentrated in the area of the Patria Prospect. Karoon has commenced EIA application works for the seismic acquisition. The new exploration phase will span 24 months, until June 2013. 

## Equity Interest 

Karoon currently has a 100% participating interest in Peru Block 144. 

