Karoon Gas Australia Ltd advises that at 06:00 hours (WST)...

Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, Poseidon-1 was drilling ahead
at a depth of 4879 mRT. Since the last report the well has been drilled from 4683 mRT.
The well has penetrated the top of the Middle Jurassic (Plover Formation) reservoir interval at
4796 mRT. To date a 10m sand has been penetrated in the lower net to gross reservoir interval.
Further reservoir sands are expected to be penetrated in the prognosed higher net to gross
reservoir interval over the next 24 to 48 hours.
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/ConocoPhillips joint venture.
The Poseidon-1 well is located in WA-315-P, approximately 480km North of Broome, Western
Australia. Poseidon -1, with a revised planned total depth of approximately 5050 m True
Vertical Depth Sub Sea (TVDSS) is targeting potential hydrocarbons in the Middle and Upper
Jurassic sandstones.
Karoon will issue further ASX releases after further conclusive results are obtained.