Karoon Energy Ltd. announced the Stena Forth Drillship has commenced the drilling of the Marina1 exploration well located in Block Z38 Tumbes Basin, Peru. The wholly owned, Karoon subsidiary, KEI Sucursal del Peru is the operator and has a 40% net interest in Block Z38. The drilling operation is estimated to take 30 days and shall drill to approximately 3000 metres subsea. The Stena Forth Drillship is a stateoftheart drillship with an exceptional record of drilling wells worldwide, successfully and incident free. The Stena Forth was chosen because it meets and exceeds all engineering, health, safety and environmental requirements of Karoon, its joint venture partners together with the Peruvian government regulatory requirements. The Marina prospect comprises a large fault bounded structure with targets at multiple levels from 900m subsea to 3000m. The targets are in the Tertiary Pliocene La Cruz to Cardalitos formations. The structures are well defined by 3D seismic.