Karoon Gas Australia Undertakes Zephyros-1 BOP Repair

Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, mechanical repair of the Blowout Preventers (“BOP”) was being undertaken. Upon completion of the repairs, the BOP and marine riser will be re-run to the sea floor to allow drilling of the 12-1/4” hole section to proceed.

Since the last report, the BOP’s and marine riser were run to the sea floor, and after function testing were pulled from the hole for further repair and maintenance.

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, December 12, 2012