Karoon Reports Gas Discovery at Pharos-1 Well in WA-389-P ib Browse Basin

Karoon Gas Australia Ltd. reported Thursday that as at 0600 WST July 16 wireline logging of the Pharos‐1 borehole in permit WA-398-P in the Browse Basin offshore Western Australia was ongoing.

Since the last update, the 6.5 inch hole section was drilled from 4,949 mRT to a total depth of 5,220 mRT. Final Total Depth of 5,220 mRT was reached at 1940 WST July 10. Wireline logging operations commenced July 12 and are ongoing at the time of this release.

The presence of movable hydrocabons is supported by petrophysical log interpretation, formation pressure gradients and downhole gas sampling. Preparations for a production test will commence on the completion of the wireline logging program.

Pharos‐1, the sixth and final well in the Browse Basin Phase 2 Exploration Drilling Campaign is located approximately 5.59 miles (9 kilometers) north east of Proteus‐1 and will be a further test of the Proteus‐Crown trend. Pharos‐1 is targeting an extension of the discovery made at Proteus‐1 which established excellent reservoir quality and condensate bearing gas in the Montara formation.

The exploration campaign, operated by ConocoPhillips, is using the Transocean Legend (mid-water semisubmersible) for the final well. 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‐398‐P Browse Basin permit in which Karoon Gas Australia Ltd currently holds 40 percent.


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