ConocoPhillips Discovers Gas at Proteus-1 Well in Browse Basin

Karoon Gas Australia Ltd. announced Friday that gas was discovered at the Proteus-1 exploration well in Permit WA-398-P in the Browse Basin, 218 miles (350 kilometers) offshore from the north-western Australia coast.

At 06:00 WST Aug. 30 wireline logging of the Proteus‐1ST2 borehole was ongoing.

Since the last update the 4.125 inch hole section was drilled from the 5 inch liner shoe at 14,075 feet (4,920 meters) below rotary table (RT) to a total depth of 17,224 feet (5,250 meters) RT. Final Total Depth of 17,224 feet (5250 meters) RT was reached at 12:00 WST Aug. 26. Wireline logging operations commenced Aug. 28 and are ongoing at the time of this release.

The presence of movable hydrocarbons in good quality Jurassic reservoir units is supported by petrophysical log interpretation, formation pressure gradients and gas samples recovered to the surface.

The logging program is near completion and the Joint Venture will be conducting a production test over the coming weeks.

Success in the Proteus‐1 well builds on significant gas discoveries in the Boreas‐1, Kronos‐1 and Zephryos‐1 wells drilled earlier in the current drilling campaign.

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


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