dow jones article, page-13

The Grace-1 deal will leave ConocoPhillips as operator but with just 10 per cent. Karoon will dictate final
location and well depth. Don't know about farmout. May be good idea to get different crew. Definate way get KAR to help ye olde pocket book, and get Grace-1 in a production mode quickly bt merging with other developmental plans already approved in the area.

WA-314-P is north of WA-315-P (Karoon 49 per cent, ConocoPhillips 51 per cent), where the Poseidon-1 well last year intersected a 180m gross pay column that prompted Karoon to claim it may have found a seven trillion cubic feet gas field.

However, the follow-up Poseidon-2 well in adjoining WA-398-P proved inconclusive while the first and much-hyped well in WA-314-P, Kontiki-1, was dry.




Notwithstanding Kontiki-1's failure, Karoon said WA-314-P could contain more than 10tcf gas and 150 million barrels of condensate. The best of seven leads was the Grace
prospect, with potential for 3.3tcf gas and 45 million barrels of condensate.

"http://www.ordons.com/oceania/australasia/8647-conocophillips-cuts-exposure-to-karoons-browse-asset.pdf"