Karoon: Boreas-1 Production Test to Start Within Week (Australia)

At 0600 hrs WST, Karoon advised that a production test string was being installed in the Boreas-1 well offshore Western Australia.

After the installation is completed in the coming days, production testing will commence and continue through the coming week.

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.

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.

[mappress]
Press Release, October 11, 2012