Karoon Gas Announces Discovery At Poseidon-1 Well In WA-315-P, Australia

Based on mud logging and Logging While Drilling (LWD) petrophysical data, the 10 m sand is interpreted to contain hydrocarbons. The significance of the interpreted hydrocarbon intersection will be evaluated by further analysis of all data upon the completion of drilling and logging.

The Sedco-703 semi-submersible rig is drilling the exploration well, which is operated by ConocoPhillips.

Poseidon-1 is the first well in a multi- well drilling program in the Browse basin permits WA-314- P, WA-315-P and WA-398-P by the Karoon Gas/ConocoPhillips joint venture.

The Poseidon-1 well is located in WA-315-P, around 480 kilometers North of Broome, Western Australia. Poseidon -1, with a revised planned total depth of around 5050 m true vertical depth sub sea (TVDSS) is targeting potential hydrocarbons in the Middle and Upper Jurassic sandstones.

Equity interests of the participants post farm-out in WA-314-P and WA-315-P are:

Karoon Gas 49%

ConocoPhillips (Browse basin) Pty Ltd 51%

Equity interests of the participants in WA-398-P are:

Karoon Gas 40%

ConocoPhillips (Browse basin) Pty Ltd 60%.

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