Karoon Gas Updates on Poseidon North‐1 Well

Karoon Gas Australia said that at Poseidon North‐1 well on 17 April the hole was at a depth of 3,820 mRT and preparations were being made to install the 9‐5/8” casing.

Since the last progress report, the cement casing shoe was drilled out and the 12‐1/4” hole section drilled 1,361 metres to the current depth of 3,820 mRT.

Poseidon North‐1 is the fifth well in the Browse Basin Phase 2 exploration drilling campaign. The well is located 6.5 kilometres north‐east of Poseidon‐1 in permit WA‐315‐P, on the crest of a large, tilted fault block.

The well is targeting the Plover and Montara formations and has the potential to add significantly to the already discovered Greater Poseidon area resource.