ConocoPhillips Plugs Grace-1 Well. No Hydrocarbons Found

Following the completion of a wireline logging program, ConocoPhillips is preparing to to plug and abandon the Grace‐1 well, in the Browse Basin, offshore W. Australia. No significant hydrocarbons were encountered.

The wireline logging program including pressure measurement and reservoir fluid sampling across a zone of interest encountered in the Jurassic volcanic interval was completed. The zone was found to be water bearing.

Once the well is plugged and abandoned, the Transocean Legend rig has a one month maintenance period to complete after which the fifth exploration well in the drilling campaign, Poseidon North‐1 is scheduled to spud.

Poseidon North‐1 is located 6.5 km north east of Poseidon‐1 in a crestal position on a large tilted fault block. The primary target is the Plover Formation with a secondary target in the Montara Formation. Poseidon North‐1 has the potential to add significant resources to that already discovered in the greater Poseidon area.

ConocoPhillips is the operator of the jointly held WA‐314‐P Browse Basin permit in which Karoon Gas Australia Ltd holds 90%.