Wireline Logging at Pharos-1 to Assist Future Well Design

As at 0600 WST on 27 June 2014 preparations were being made to commence drilling in the 6-1/2″ hole section of the Pharos-1 well. The current well depth is 4,950mRT.

Wireline Logging at Pharos-1 to Assist Future Well Design

Since the last update, the 8-1/2″ hole section was drilled from 4,570mRT to a depth of 4,950mRT.

Two wireline logging runs were completed before 7-5/8′ liner was run to a depth of 4,949 mRT where it was cemented in place. Wireline logging of the 8-1/2″ hole section was undertaken to obtain information to assist future well design.

Pharos-1, the sixth and final well in the Browse Basin Phase 2 Exploration Drilling Campaign 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.

Pharos-1 is a low risk exploration well with the potential to add considerable resource to any future Poseidon development.

The exploration campaign, operated by ConocoPhillips, is using the Transocean Legend semi-submersible rig for the final well. 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-398-P Browse Basin permit in which Karoon Gas Australia Ltd currently holds 40%.

Press Release, June 27, 2014