Figure 3. 3D Perspective view across the Karoon acreage to demonstrate the mapped large closures at the base of salt,  or top pre-salt level. Closures mapped as indicated in greens, yellows and reds. 2010-2011 OPERATIOnS COnTInUEd fOR THE fInAnCIAL YEAR EndEd 30 jUnE 2011 The Blackford Dolphin semi-submersible drilling rig has now been contracted and it is expected to commence drilling during the  first half of calendar year 2012. Karoon has a firm commitment to drill three wells. The Karoon drilling team is well advanced in  preparations for drilling with environmental and regulatory approval processes underway. Supply bases have been contracted and  long lead inventory items are currently being delivered. Drill targets are expected to be finalised at the completion of the  interpretation later during calendar year 2011. Karoon also recommenced a farm-out process during September 2011, with initial  data room bookings in place and several potential joint venture partners showing an interest in participation.  Karoon currently has a 100% equity interest in Blocks S-M-1037, S-M-1101, S-M-1102, S-M-1165 and S-M-1166. Drilling Equity Interests Karoon Gas Australia Ltd  Annual Report 2011 10 High Low Depth