May 14, 2013 - Karoon Gas Australia and Pacific Rubiales recently announced an oil discovery at the Bilby prospect in Santos Basin block S-M-1166. The potential size of the discovery has been increased thanks to wireline pressure data and fluid samples taken from the identified reservoir intervals. The gross oil column, previously announced at 656 feet, is now estimated at just over 1,000 feet and is comprised of Eocene, Paleocene and Maastrichtian sands. Petrophysical logs indicate 230 feet of net oil-bearing reservoir with porosities up to 23%. Drilling will continue to 15,000 feet to test deeper Santonian targets.