Cyclone Threat Forces Karoon Gas to Evacuate Grace-1

Karoon Gas Australia sad that since the 20th December 2013 Grace‐1 progress report, in addition to completing scheduled Blowout Preventer (BOP) testing, the rig was required to be evacuated as a result of tropical cyclone Christine passing near the Grace‐1 location.

The rig is currently being remanned and no damage appears to have been sustained during the tropical cyclone. Preparations are underway to resume drilling in the 6‐1/2”hole section as soon as practicable.

As at 0600 WDT on 3 January, the well depth is 4,767 metres. The current hole section is expected to contain the primary Lower Plover formation target.

Grace‐1 is the fourth well in the current exploration program, located in permit WA‐314‐P on a separate structural trend to the previously announced Greater Poseidon gas discoveries. The well is located in a crestal position on a large fault block approximately 35 kilometres north of the Poseidon field.

ConocoPhillips is the operator of the jointly held WA‐314‐P Browse Basin permit in which Karoon Gas Australia Ltd holds 90%.

The Transocean Legend semi‐submersible rig is drilling the exploration well.

LNG World News Staff, January 03, 2014

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