2010-2011 OPERATIOnS COnTInUEd Peru Block 144 Seismic Reprocessing and Interpretation Equity Interest fOR THE fInAnCIAL YEAR EndEd 30 jUnE 2011 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.  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. Karoon currently has a 100% participating interest in Peru Block 144. Karoon Gas Australia Ltd  Annual Report 2011 14