Karoon advised that production testing of the Plover reservoir at the Poseidon-2 well is in progress. The well was perforated and communication to the reservoir has been established.

The Transocean Legend semisub is drilling the exploration well at the Poseidon field, which is operated by ConocoPhillips.

Poseidon-2 is located in WA-398, on the southern flank of the north-east trending structural high of the greater Poseidon structure. The objective of the well is to test the extent, presence and quality of reservoirs down-dip from Poseidon-1 where the Plover Formation is interpreted to thicken. The well was drilled to a total depth of 5356 mRT.

As with the recent gas discovery well, Poseidon-1, Poseidon-2 is planned to be plugged and abandoned following final well evaluation and production testing. These are exploration wells and are not suitable for production purposes.

Equity interests of the participants in WA-398-P are:

Karoon Gas (Browse Basin) Pty Ltd 40% ConocoPhillips (Browse Basin) Pty Ltd 60%

Tags: Karoon Gas Australia Ltd