ASX ANNOUNCEMENTKronos-1 PROGRESS REPORT NO 12Kronos-1 Flowing...

ASX ANNOUNCEMENT
Kronos-1 PROGRESS REPORT NO 12
Kronos-1 Flowing Gas at an equipment constrained 26 million standard cubic feet per day (MMscf/d)
during the clean-up flow
Karoon Gas and WA-398-P joint venture partner, ConocoPhillips (operator) are conducting a drill stem test on the Kronos-
1 exploration well in the Browse Basin. The well was perforated over the interval 4999- 5052 mRT, in the Plover
Formation reservoir.
During the clean-up flow, the maximum flow attained was 26 MMscf/d through a 34/64 choke, with a flowing wellhead
pressure of 3900 psia. The flow rate has been constrained by current surface equipment configuration.
The production test will continue for approximately 7 days and will include shut-in and flowing periods, surface sampling
of reservoir fluids, possible bottom hole production logging and reservoir fluid sampling.
Petrophysical interpretation indicates that the well has penetrated a sand interval in the Plover Formation. Kronos-1 MDT
pressure data confirms that the Kronos area is a separate gas accumulation, with a gas-water contact potentially over
200m deeper, to that discovered by Poseidon-1.
Future Plan
Well data from the three wells drilled on the greater Poseidon structure will be analysed over the coming months,
together with the new Poseidon 3D seismic data which is currently being processed. Further appraisal and exploration
well locations will be indentified for drilling in 2011.
Karoon's assessment of the Contingent Resource and Prospective Resource potential will be independently assessed
when a full analysis is completed in the coming months.
The current drilling campaign will finish with this well. Exploration and appraisal drilling is planned recommence in the
acreage in the first quarter 2011.
Reporting schedule
Future announcements will be made as and when material information is available in accordance with ASIC and ASX
requirements.
The Transocean Legend semi-submersible rig is drilling the Kronos-1 well, and ConocoPhillips is the operator.