browse basin find - fyi

http://www.upstreamonline.com/live/article187972.ece

ConocoPhillips talks up Browse discovery
Sept 14th

By Upstream staff

ConocoPhillips is becoming increasingly enthusiastic about its discovery in the Browse basin off Western Australia as it seeks new reserves to feed its Darwin liquefied natural gas plant.

The company’s vice president of exploration, Larry Archibald, described the recent Poseidon-1 gas discovery as a ‘sizeable discovery with multi-trillion cubic feet potential’.

Australian co-venturer Karoon Gas said this confirmed its view that Poseidon has the potential to form the basis of a substantial natural gas production operation with ConocoPhillips.

“Our Poseidon prospect is a large footprint closure, just saddle-separated from Woodside’s giant Torosa field. Torosa has a reported 14 tcf discovered and we recently completed the Poseidon-1 well as a discovery in early 2009,” Archibald told a conference in the US last week.

“We are hoping to appraise (the Poseidon discovery ) later this year or early next year at which time we will have a little more information and be more comfortable speculating on both the commercial metrics and ultimate size but – needless to say - this is a sizeable discovery we believe with multi-tcf potential,” he added.

According to Karoon Gas, Poseidon, in Block WA-315-P, has a significant contingent resource of between 3 trillion and 15 trillion cubic feet.

The pair are currently drilling a second well, Kontiki-1, to the north of Poseidon, in Block WA-314-P, using the semi-submersible drilling rig Transocean Legend.

Karoon has outlined a possible field development scenario involving a large central production platform, and a 36-inch, 1000-kilometre subsea gas pipeline to ConocoPhillips' Darwin LNG site.