Australia: Karoon Completed Zephyros-1 BOP Maintenance

January 3, 2013

Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, Zephyros-1 was drilling out cement at the 13-3/8” casing shoe in preparation for drilling ahead in the 12-1/4” hole section. As previously announced, the 13-3/8” casing shoe was set and cemented at 2691m.

Since the last report, mechanical repairs and maintenance of the BOP’s have been completed and the BOP’s and marine riser run to the seafloor.

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

ConocoPhillips is the operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin permits containing the previously announced Poseidon and Kronos gas discoveries. Karoon Gas Australia Ltd holds 40% of the permit WA-315-P and WA-398-P, and 90% of permit WA-314-P.

Zephyros-1 is the second well in the exploration program, and follows the recent Boreas-1 well. Zephyros-1 is located in permit WA-398-P on the flank of a large tilted fault block approximately 9 kilometres southwest of the Kronos-1 discovery well. The objective of the Zephyros-1 well is to test the extent, presence and quality of Plover formation reservoirs.

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Press Release , January 03, 2013