Karoon Gas Spuds Pharos-1 Well

Pharos‐1, the sixth and final well in the Browse Basin Phase 2 exploration drilling campaign, was spudded at 2240 WST on 20 May 2014.

As at 0600 WST on 22 May 2014 the well was drilling ahead in the 17‐1/2” hole section. The current well depth is 716 mRT.

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

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, plans to utilise the Transocean Legend semi submersible rig for the final well. 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.

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

Press Release, May 22, 2014; Image: Karoon Gas

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