Karoon Gas/ConocoPhillips Drilling Campaign Completed

Karoon advised that Kronos-1 drilling and testing operations were recently completed and the Transocean Legend semi-submersible rig has been released from location. The 2009/2010 Karoon Gas/ConocoPhillips drilling campaign is now complete.

Future Plan

Data from the three wells drilled on the greater Poseidon structure, offshore Australia, will be analyzed over the coming months, together with the new Poseidon 3D seismic data which is currently being processed. Further appraisal and exploration well locations will be identified for drilling in early 2011.

Karoon's assessment of the Contingent Resource and Prospective Resource potential will be independently assessed when a full analysis is completed.

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