Karoon Gas Looking for Rig for Browse Basin Work

Karoon Gas and its joint venture partner, ConocoPhillips, are currently in the process of identifying a suitable rig for their joint operations in the Browse Basin permits WA-314-P and WA-315-P off Western Australia. Drilling is expected to commence between late 2007 and early 2008 depending on the availability and acquisition of a suitable rig.

Karoon and ConocoPhillips have also been offered, and intend to accept, an additional gazettal W06-6 in the Browse Basin Area off Western Australia. The gazettal W06-6 has been offered by the Department of Industry and Resources and upon approval will be awarded by the Commonwealth – Western Australian Offshore Petroleum Joint Authority.

The gazettal area, currently known as W06-6, is located immediately to the south of the Karoon – ConocoPhillips joint venture's current WA-315-P permit and east of the Woodside operated Torosa gas/condensate field.

ConocoPhillips will hold a 60% interest in the permit area with Karoon holding the remaining 40%. ConocoPhillips will be the operator of the new acreage.

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