Australia: Karoon Gas Provides Update on Boreas-1 Well

August 31, 2012

Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, a 6-1/2” drilling assembly was being run into the Boreas-1 well. Since the last report, the 8-1/2” hole was drilled to 4805m and a 7-5/8” liner was set and cemented.

Drilling of the 6-1/2” hole section is anticipated to commence later today or early tomorrow.

The Transocean Legend semi-submersible rig is drilling the exploration well, which is operated by ConocoPhillips.

ConocoPhillips is the operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin permits containing the previously announced Poseidon and Kronos gas discoveries. Karoon Gas Australia Ltd holds 40% of the permit WA-315-P and WA-398-P, and 90% of permit WA-314-P.

Boreas-1 is located approximately 4 kilometres south of Poseidon-1 in WA-315-P on a large tilted fault block which is part of the of the north-east trending structural high of the greater Poseidon structure. The objective of the well is to test the extent, presence and quality of reservoirs within the Boreas-1 fault block.

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LNG World News Staff, August 31, 2012