Australia: Karoon Gas Provides Update on Boreas-1 Well

July 31, 2012

Karoon Gas Australia announced that today troubleshooting of the BOP was being conducted on the sea floor.

Since the last report, the BOP and marine riser were pulled from the hole for further testing and repairs on the deck of the rig. Following these repairs the BOP and marine riser were run to the sea floor. Subsequent function testing of the BOP was unsuccessful and troubleshooting continues.

Drilling of the 8-1/2” hole section will commence once repairs are complete and the blowout preventer is fully functional.

The Transocean Legend semi-submersible rig is drilling the exploration well.

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, July 31, 2012