Karoon Energy Ltd. announced the Stena Forth Drillship has arrived in the Port of Callao Lima Peru ahead of drilling the Marina-1 exploration well located in Block Z-38 Tumbes Basin, Peru. Karoon is the operator and has a 40% net interest in Block Z-38. The Stena Forth will remain at the Port of Callao for one to two weeks to refuel and change the crew before continuing on to the Marina-1 well location. Karoon expects the vessel to clear customs and final permits to be received over the coming weeks. The well is expected to spud during the last week of January 2020. The Marina prospect comprises a large fault bounded structure with targets at multiple levels from 900m subsea to 2,900m. The targets are in the Tertiary Pliocene La Cruz to Cardalitos formations. The structures are well defined by 3D seismic. Nearby hydrocarbon seeps demonstrate that migrating hydrocarbons are present, supported by seismic AVO anomalies indicative of trapped oil at Marina.