ConocoPhillips Restarts Zephyros Drilling Following Narelle Cyclone

Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, the Zephyros-1 well was preparing to drill ahead at 2918m after re-manning following the suspension of operations and rig evacuation caused by tropical cyclone Narelle.

Since the last report, the 12-1/4” inch hole was drilled from the 13-3/8” casing seat at 2691m to the current depth of 2918m, the hole was then suspended and the rig was evacuated and remanning operations are ongoing.

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.

Zephyros-1 is the second well in the exploration program, and follows the recent Boreas-1 well. Zephyros-1 is located in permit WA-398-P on the flank of a large tilted fault block approximately 9 kilometres southwest of the Kronos-1 discovery well. The objective of the Zephyros-1 well is to test the extent, presence and quality of Plover formation reservoirs.

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Press Release, January 16, 2013