Karoon: Coring Operations to Start on Boreas-1 (Australia)

Karoon advises that Boreas-1 intersected the primary reservoir objective and the drilling assembly was being pulled out of the hole in preparation to commence coring operations.

The well intersected a sand interval characterized by a ROP (Rate of Penetration) increase, sandy drill cuttings and an increase in the mudlog gas readings indicating a potential gas bearing reservoir. Coring operations will be undertaken to allow more extensive analysis of rock properties in potential reservoir intervals in the Boreas-1 well.

On completion of the coring and drilling operations to Total Depth, wireline logging, pressure and sampling programs will be used to define the thickness and properties of any sands penetrated and the presence and characteristics of any movable hydrocarbons which they may contain.

Production testing will be undertaken should hydrocarbon bearing sands be encountered and confirmed by the wireline logging and the pressure and sampling programs.

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.

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Press Release, September 06, 2012