Karoon Gas Updates on Kontiki-1 in Browse Basin Drilling Program

Karoon Gas advised that the Kontiki-1 was at 2883 mRT and BOP ("Blow-Out Prevention Equipment")/Riser was being run. Since the last report, the 17-1/2" hole was drilled from 2496 mRT and 13-3/8" surface casing was run and cemented.

The Transocean Legend semisubmersible rig is drilling the exploration well, which is operated by ConocoPhillips.

Kontiki-1 is the second well in a multi-well drilling program in the Browse Basin permits WA-314-P, WA-315-P and WA-398-P. The Kontiki-1 well is located in WA-314-P, approximately 490km North of Broome, Western Australia. Kontiki -1, with a planned total depth of 4610 mRT is targeting potential hydrocarbons in the Middle and Upper Jurassic sandstones.

As with the recent gas discovery well, Poseidon-1, even if successful, Kontiki-1 is planned to be plugged and abandoned following final well evaluation and production testing if applicable.

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

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

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

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