Karoon releases Pharos-1 progress report

June 17, 2014

Karoon Gas Australia Ltd. announced on 16 June that the Pharos‐1 well, located offshore Western Australia, was drilling ahead at 4570 mRT in the 8½-in. hole section.

Since last reported on 30 May, the 12¼-in. hole section was drilled 1719m from the 1338-in. casing shoe at 2316 mRT to a depth of 4035 mRT. The 958-in. casing was then run to a depth of 4030 mRT where it was cemented in place prior to drilling ahead in 8½-in. hole size.

Pharos‐1, the sixth and final well in the Browse Basin Phase 2 Exploration Drilling Campaign is located approximately 9km north east of Proteus‐1 and will serve as an additional test of the Proteus Crown trend. The well is targeting an extension of the discovery made at Proteus‐1 which established excellent reservoir quality and condensate bearing gas in the Montara formation. 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.

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 semisubmersible rig for the final well

ConocoPhillips is the operator of the WA‐315‐P Browse Basin permit in which Karoon Gas Australia Ltd. currently holds 40%.



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