Karoon Gas (KRNGF.PK) raises the size estimate of its Bilby-1 oil discovery off the coast of Brazil, increasing the likelihood of a commercial development. Further testing indicates the well has a proven gross oil column of 320 meters and a potential column of 560 meters. Karoon has discovered oil in two out of three wells drilled in the Santos Basin with partner Pacific Rubiales (PEGFF.PK).
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