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ConocoPhillips Spuds Greater Poseidon Area Well Proteus-1

Source: www.gulfoilandgas.com 3/25/2013, Location: Not categorized

Karoon Gas Australia Ltd advises that the Proteus-1 exploration well was spudded. 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 Greater Poseidon gas discoveries. Karoon Gas Australia holds 40% of the permit WA-315-P and WA-398-P, and 90% of permit WA-314-P. Proteus-1 is the third well in the exploration program. Proteus-1 is located in permit WA-398-P on a large tilted fault block approx. 14 kms south east of the Poseidon-1 discovery well.

The exploration program, operated by ConocoPhillips, plans to utilise the Transocean Legend semisubmersible rig for the entire campaign and is expected to continue through 2013. A minimum of five wells will be drilled during the exploration program. The principal objective of the exploration program is to better define the size and quality of the hydrocarbon accumulations within the exploration permits which contain the greater Poseidon trend. Additional well locations for the remainder of the program will be announced as they obtain joint venture approval.

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