Karoon Gas Australia Ltd advises that
as at 06:00 hours (WST) today, Poseidon-1 was drilling ahead at
5074 mRT. Since the last report the well has been drilled from
4879 mRT. The well has penetrated the top of the Middle Jurassic
(Plover Formation) reservoir interval at 4796 mRT. To date, over a
total Plover Formation reservoir interval of 278m, three high net
to gross sand intervals (high percentage of sand with low
percentage of non reservoir shale) have been penetrated. These
intervals have thicknesses of 10m, 67m and 114+m. The base of the
lowermost sand interval is yet to be penetrated.
Based on mud logging and Logging While Drilling (LWD)
petrophysical data, the three gross sand intervals are interpreted
to contain hydrocarbons. The nature and significance of the
interpreted hydrocarbon intersections will be evaluated after
wireline logging and detailed log analysis upon the completion of
drilling. A revised total well depth is dependent on geological
data, and will be advised when available. The Sedco-703
semi-submersible rig is drilling the exploration well, which is
operated by ConocoPhillips.
Poseidon-1 is the first well in a multi- well drilling program in
the Browse Basin permits WA-314-P, WA-315-P and WA-398-P by the
Karoon/ConocoPhillips joint venture.
The Poseidon-1 well is located in WA-315-P, approximately 480km
North of Broome, Western Australia.
Equity interests of the participants post farm-out in WA-314-P and
WA-315-P are:
Karoon Gas Australia Ltd 49%
ConocoPhillips (Browse Basin) Pty Ltd 51%
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