Karoon/ConocoPhillips JV Testing Poseidon-1 in Browse Basin

Karoon Gas Australia advised that Poseidon-1 was pulling out of hole in preparation to run 5" liner. The 5" liner is being run in preparation for the well testing program (DST's) planned to be run over the next three weeks.

Since the last report unsuccessful attempts were made to recover a stuck wireline logging tool. Consequently, the two gas samples previously taken will not be recovered to surface. The wireline logging tool has been pushed to the bottom of the hole below the zones to be tested and will not impact the testing program.

The well test program is designed to determine gas flow rates, reservoir parameters and reservoir fluid composition including liquids content.

The Sedco-703 semisubmersible rig is drilling the exploration well, which is operated by ConocoPhillips.

Poseidon-1 is the first well in a multi-well drilling program in the Browse Basin permits WA-314-P, WA-315-P and WA-398-P by the Karoon/ConocoPhillips joint venture.

The Poseidon-1 well is located in WA-315-P, approximately 480km North of Broome, Western Australia.

Equity interests of the participants post farm-out in WA-314-P and WA-315-P are:

  • Karoon Gas Australia Ltd 49%
  • ConocoPhillips (Browse Basin) Pty Ltd 51%

Equity interests of the participants in WA-398-P are:

  • Karoon Gas Australia Ltd 40%
  • ConocoPhillips (Browse Basin) Pty Ltd 60%

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