Karoon Gas Updates on Boreas-1 Drilling (Australia)

Karoon announced that wireline logging and data gathering operations continue and preparations are being finalised to undertake production testing on the Boreas- 1 exploration well in the Browse Basin.

Petrophysical interpretation of the data retrieved to date indicates the presence of net pay gas sands with good reservoir properties. This is further confirmed by wireline pressure measurement and gas samples taken via wireline equipment and recovered to surface.

Production testing operations are scheduled to commence after the completion of the wireline logging and data gathering program and when the production liner is installed.

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, September 27, 2012