Transocean Legend Continues Drilling at Grace-1 Well off Western Australia

Karoon Gas Australia Ltd reported Monday that as at 0600 WDT Jan. 20, Grace‐1 in permit WA-314-P off Western Australia was drilling ahead at 15,892 feet (4,844 meters) in the 6.5 inch hole section. The current hole section is expected to contain the primary Lower Plover formation target.

Since Jan. 3 Grace‐1 progress report, remanning of rig post tropical Cyclone Christine was completed along with scheduled Blowout Preventer (BOP) testing and minor post cyclone equipment repairs.

On completion of the rig preparation and repairs, drilling from 15,639 feet (4,767 meters) resumed in the 6.5 inch hole section. Current well depth is 15,892 feet (4,844 meters).

Grace‐1 is the fourth well in the current exploration program, located in permit WA‐314‐P on a separate structural trend to the previously announced Greater Poseidon gas discoveries. The well is located in a crestal position on a large fault block approximately 21.7 miles (35 kilometers) north of the Poseidon field.

ConocoPhillips is the operator of the jointly held WA‐314‐P Browse Basin permit in which Karoon Gas Australia Ltd holds 90 percent.

The Transocean Legend (mid-water semisub) is drilling the exploration well.

Upcoming Well Program

The exploration program, operated by ConocoPhillips, plans to utilize the Transocean Legend semisub for the entire campaign and is expected to continue through 2014.

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

Following the completion of the Grace‐1 well and prior to spudding the next well, Poseidon North‐1, the Transocean Legend has a one month maintenance period to complete.

Poseidon North‐1 is the fifth well in the program, located 4 miles (6.5 kilometers) north east of Poseidon‐1. The well is located in a crestal position on a large tilted fault block with the primary target being the Plover Formation. The secondary target is the Montara Formation.

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

Ongoing Progress Reports

In addition to complying with its continuous disclosure obligations, Karoon proposes to provide fortnightly progress reports during drilling operations.


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