ConocoPhillips hits gas at Pharos-1

Karoon Gas Australia Ltd. has reported that since the last update, the 6‐1/2” hole section was drilled from 4,949mRT to a total depth of 5,220mRT. Final Total Depth of 5,220mRT was reached at 1940 WST on 10th July 2014.

Wireline logging operations started on the 12th of July 2014 and are ongoing at the time of this release.

The presence of movable hydrocabons is supported by petrophysical log interpretation, formation pressure gradients and downhole gas sampling. Preparations for a production test will start on the completion of the wireline logging program.

Pharos‐1, the sixth and final well in the Browse Basin Phase 2 Exploration Drilling Campaign is located approximately 9 kilometres northeast of Proteus‐1 and will be a further test of the Proteus‐Crown trend. Pharos‐1 is targeting an extension of the discovery made at Proteus‐1 which established excellent reservoir quality and condensate bearing gas in the Montara formation.

The exploration campaign, operated by ConocoPhillips, is using the Transocean Legend semi-submersible rig for the final well. The principal objective of the campaign is to better define the size and quality of the hydrocarbon resource within the exploration permits which contain the Greater Poseidon trend.

ConocoPhillips is the operator of the WA‐398‐P Browse Basin permit in which Karoon Gas Australia Ltd currently holds 40%.