Karoon Gas Updates on Boreas-1 Drilling (Australia)

Karoon Gas Australia announced that today, the Boreas-1 well was drilling ahead at 3908 m in a 12-1/4″ hole.

Since the last report, drilling began in the 12-1/4″ section from the 13-3/8″ casing point at 2822m and has continued to the current depth.

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 11, 2012