ConocoPhillips Kicks Off Browse Basin Campaign

Browse Basin
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Karoon Gas Australia Ltd's 2012 Browse Basin exploration drilling campaign has now commenced.

The Boreas-1 exploration well spudded at 02:30 (WST) on April 5, 2012. The proposed operation is to drill a 36" hole to planned casing point, then run and cement the 30" conductor prior to drilling ahead in a 17½" hole.

Boreas-1 is located approximately 2.5 miles (4 kilometers) south of Poseidon-1 in WA-315-P on a large tilted fault block which is part of the of the north-east trending structural high of the greater Poseidon structure. The objective of the well is to test the extent, presence and quality of reservoirs within the Boreas-1 fault block.

Boreas-1 Location:

• Latitude: 13 degrees 39' 24.87170" S
• Longitude: 122 degrees 17' 52.78733" E

Upcoming Well Program

The exploration program, operated by ConocoPhillips, plans to utilize the Transocean Legend (mid-water semisub) rig for the entire campaign and is expected to continue through 2013.

A minimum of five wells will be drilled during the exploration program. The principal objective of the exploration program is to better define the size and quality of the hydrocarbon accumulations within the exploration permits which contain the greater Poseidon trend.

The second well, Zephyros-1, is located in permit WA-398-P on a large tilted fault block approximately 5 miles (8 kilometers) south west of Kronos-1 discovery location. The third well, Proteus-1, is located in WA-398-P on a large tilted fault block approximately 9 miles (14 kilometers) south east of the Poseidon-1 discovery location.

Additional well locations for the remainder of the program will be announced as they obtain joint venture approval.

ConocoPhillips is the operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin permits containing the previously announced Poseidon and Kronos gas discoveries. Karoon Gas Australia Ltd holds a 40-percent interest of permit WA-315-P and WA-398-P, and a 90-percent interest of permit WA-314-P.

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