Australia: Karoon Gas Provides Update on Boreas-1 Drilling

June 8, 2012

Karoon Gas Australia announced that today, ConocoPhillips was completing pressure testing and pre-deployment checks of the BOPs on surface. Since the last report, the BOPs and marine riser were run to the sea floor, and after failing to function satisfactorily they were pulled from the hole. Trouble shooting, repairs and pressure/function testing were then performed on surface.

The BOP’s and marine riser will be run back in the well over the weekend, and if pressure/function tested satisfactorily, drilling of the 8-1/2” hole section will recommence.

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.

Upcoming Well Program

The exploration program, operated by ConocoPhillips, plans to utilise the Transocean Legend semi-submersible rig for the entire campaign and is expected to continue through 2013.

A minimum of five wells will be drilled during the exploration program. The principal objective of the exploration program is to better define the size and quality of the hydrocarbon accumulations within the exploration permits which contain the greater Poseidon trend.

The second well, Zephyros-1, is located in permit WA-398-P on a large tilted fault block approximately 8 kilometres south west of Kronos-1 discovery location. The third well, Proteus-1, is located in WA-398-P on a large tilted fault block approximately 14 kilometres south east of the Poseidon-1 discovery location.

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LNG World News Staff, June 08, 2012.