Transocean Legend Spuds Poseidon North-1 Well in Browse Basin

Karoon Gas Australia Ltd announced Thursday that Poseidon North-1, the fifth well in the Browse Basin Phase 2 exploration drilling campaign in permit WA-315-P in Western Australia, was spud at 21:40 WDT March 19.

The Poseidon North-1 exploration well, located 4 miles (6.5 kilometers) north-east of Poseidon-1 in permit WA-315-P, on the crest of a large, titled fault block, is targeting the Plover and Montara formations and has the potential to add significantly to the already discovered Greater Poseidon area resource.

The six well Browse Basin Phase 2 exploration drilling campaign will continue through calendar year 2014 using the Transocean Legend (mid-water semisub). Four of the six wells have been completed so far. The well location for the last exploration well of the campaign will be announced upon joint venture approval. The principal objective of the campaign is to better define the size and quality of the hydrocarbon resource within the exploration permits which contain the Greater Poseidon trend.

ConocoPhillips is the operator of the WA-315-P Browse Basin permit in which Karoon Gas Australia Ltd holds 40 percent.

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