Preparations Made for Casing Installation at Poseidon North-1 Well

At 0600 WST on 17 April 2014, the hole at Poseidon North-1 exploration well was at a depth of 3,820 mRT and preparations were being made to install the 9-5/8″ casing, Karoon Gas informed.

Since the 4 April 2014 Poseidon North-1 Progress Report, the cement casing shoe was drilled out and the 12-1/4″ hole section drilled 1,361 meters 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.

The six well Browse Basin Phase 2 exploration drilling campaign will continue through calendar year 2014 using the ‘Transocean Legend’ semi-submersible rig. Four of the six wells have been completed so far. The well location for the last exploration well of the campaign will be announced upon joint venture approval. 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.

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

Press Release, April 17, 2014