Karoon Gas: Drilling Ahead at Pharos‐1

Karoon Gas Australia has reported that at 0600 WST on 16 June 2014 the Pharos‐1 well was drilling ahead at 4,570 mRT in the 8‐1/2” hole section.

Since the last update, the 12‐1/4” hole section was drilled 1,719 metres from the 13‐3/8” casing shoe at 2,316 mRT to a depth of 4,035 mRT. The 95/8” casing was then run to a depth of 4,030 mRT where it was cemented in place prior to drilling ahead in 8‐1/2” hole size.

Pharos‐1, the sixth and final well in the Browse Basin Phase 2 Exploration Drilling Campaign is located approximately 9 kilometres north east of Proteus‐1 and will be a further test of the Proteus‐Crown trend. Pharos‐1 is targeting an extension of the discovery made at Proteus‐1 which established excellent reservoir quality and condensate bearing gas in the Montara formation.

Pharos‐1 is a low risk exploration well with the potential to add considerable resource to any future Poseidon development.

The exploration campaign, operated by ConocoPhillips, is using the Transocean Legend semisubmersible rig for the final well. The principal objective of the campaign is to better define the size and quality of the hydrocarbon resource within the exploration permits which contain the Greater Poseidon trend.

Press Release, June 16, 2014