Karoon Gas Updates On Poseidon-1 Well In WA-315-P, Australia

The wireline logging tool has been pushed to the bottom of the hole below the zones to be tested and will not impact the testing program.

The well test program is designed to determine gas flow rates, reservoir parameters and reservoir fluid composition including liquids content.

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.

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

Karoon Gas Australia Ltd 49%, ConocoPhillips (Browse basin) Pty Ltd 51%.

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

Karoon Gas Australia Ltd 40%, ConocoPhillips (Browse basin) Pty Ltd 60%.

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