Karoon Gas Australia Ltd. (KAR.AU) said Thursday that its joint venture with ConocoPhillips (COP) has secured a rig for their looming drilling campaign in the Browse Basin offshore northwestern Australia.

A drilling contract signed with Sedco Forex International Inc. securing the Transocean Legend rig will drill five wells with the options for an extra three. Drilling is expected to commence in the fourth quarter of calendar 2011 and run for 18 months to two years, Karoon said in a statement.

As for its South American assets, Karoon said that a list of potential joint venture partners will be shortlisted "in the near future".

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

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