Australia: Karoon Gas Provides Update on Proteus‐1 Drilling

At 06:00 WST on the 3rd of May, Proteus‐1 had reached its current total depth of 4740m in the 8‐ 1/2” hole section. Since the last update the 12‐1/2” hole section was completed with the 9‐5/8” liner being run and cemented to 4168mpriorto drilling ahead in the 8‐1/2” hole section.

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

ConocoPhillipsisthe operator of the jointly held WA‐314‐P, WA‐315‐P and WA‐398‐P Browse Basin permits containing the Greater Poseidon gas discoveries. Karoon Gas Australia Ltd holds 40% ofthe permit WA‐315‐P and WA‐398‐P, and 90% of permit WA‐314‐P.

Proteus‐1 isthe third well in the exploration program. Proteus‐1 islocated in permit WA‐398‐P on a large tilted fault block approximately 14 kilometressouth east ofthe Poseidon‐1 discovery well.

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LNG World News Staff, May 3, 2013