May 7, 2013 - Karoon announced its second oil discovery of the current 3-well exploration program in the Santos Basin. The company announced a 656-foot gross oil pay made up of interbedded sand and shale intervals encountered while drilling the Bilby-1 well in block S-M-1166. Wireline testing of the pay zone is currently underway. Once complete, drilling will continue to the planned depth of 15,003 feet where Karoon hopes to find hydrocarbon-bearing Santonian aged reserovoirs. Completion of the Bilby well will mark the end of the exploration program.