Karoon Gas Updates on Boreas-1 Drilling (Australia)

Karoon Gas Australia announced that today, the Boreas-1 well was completing pressure testing of the BOPs on surface.

Since the last report, the 12-1/4” hole section was drilled from 3908 m to 4009 m, 9-5/8” casing was run and cemented, and the BOP and marine riser were pulled from the well. The BOPs were then serviced. Drilling of the 8-1/2” hole section is expected to commence early next 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.

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LNG World News Staff, May 28, 2012