Karoon Gas Updates on Pharos‐1 Well

Karoon gas provided an update for the Pharos‐1, the sixth and final well in the Browse Basin Phase 2 exploration drilling campaign.

As at 0600 WST on 30 May 2014 the cement shoe at the bottom of the 13-3/8″ casing has been drilled out and preparations are being made to drill ahead in the 12-1/4″ hole section.

Since the last update, the 17-1/2″ hole section was drilled 1,614 metres to a depth of 2,330 mRT before running the 13-3/8″ casing to 2,316 mRT where it was cemented in place. BOP and riser installation was then completed in preparation for drilling ahead in the 12-l/4″hole section.

Pharos-1 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.

The exploration campaign, operated by ConocoPhillips, is using the Transocean Legend semi-submersible rig for the final well.

ConocoPhillips is the operator of the WA-315-P Browse Basin permit in which Karoon Gas Australia Ltd currently holds 40%.