Karoon Energy is moving swiftly to try to capitalise on its $1.1 billion acquisition of oil and gas interests in the Gulf of Mexico, with a new drilling campaign that could potentially lift the company’s total reserves by more than a third to some 70 million barrels.

The drilling of the Who Dat East and Who Dat South wells, the first of which will get under way next month, could add 18.3 million barrels to Karoon’s pre-acquisition reserves of about 51.8 million barrels.