Karoon Gas announces Browse Basin gas discovery at Proteus‐1


Karoon Gas announces Browse Basin gas discovery at Proteus‐1

VICTORIA -- Karoon Gas Australia Ltd posted about the Browse Basin gas discovery at Proteus‐1. Since the last update the 41/8" hole section was drilled from the 5" liner shoe at 4920 metres below rotary table ("mRT") to a total depth of 5250 mRT. Final Total Depth of 5250 mRT was reached at 12:00 WST on 26th August. Wireline logging operations commenced on the 28 of August 2013 and are ongoing at the time of this release.

The presence of movable hydrocarbons in good quality Jurassic reservoir units is supported by petrophysical log interpretation, formation pressure gradients and gas samples recovered to the surface.

The logging program is near completion and the Joint Venture will be conducting a production test over the coming weeks.

Success in the Proteus-1 well builds on significant gas discoveries in the Boreas 1, Kronos 1 and Zephryos 1 wells drilled earlier in the current drilling campaign.

ConocoPhillips is the operator of the WA-314-P, WA-315-P and WA-398-P Browse Basin permits containing the previously disclosed Greater Poseidon gas discoveries. Karoon Gas Australia holds a 40% equity interest in permit WA-315-P and WA-398-P, and a 90% interest in permit WA-314-P.

Proteus-1 is the third well in the exploration program. Proteus-1 is located in permit WA-398-P on a large tilted fault block 14 km south east of the Poseidon-1 discovery well.

The Transocean Legend semi-submersible rig is drilling the exploration well, which is operated by ConocoPhillips.

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