kar annoucement

Todays Annoucement


Thursday, 15th April 2010
(ASX Code: KAR)
ASX ANNOUNCEMENT
Kronos-1 PROGRESS REPORT NO 8
At 0600 hrs WST, Karoon advises that Kronos-1 was preparing to drill out of the 7' liner shoe. Since the last report the well
was drilled from 4748 m Rt to 4779mRT and the 7 liner was run and cemented.
The Transocean Legend semi-submersible rig is drilling the Kronos-1 well, and ConocoPhillips is the operator.
Kronos-1 is located on a high block in the south-western part of the greater Poseidon trend, 15 kilometres from the
Poseidon-1 well and is the third well on the greater Poseidon trend. The well is designed to evaluate and test the Plover
Formation reservoirs. Key objectives of Kronos-1 are to collect reservoir properties data, reservoir fluid compositional
data and then define production rates for possible future production wells. The well has a planned total depth of
5322mRT.
As with the recent, Poseidon-1 and Poseidon-2 wells, Kronos-1 is planned to be plugged and abandoned following final
well evaluation and production testing. During the current exploration and evaluation phase of the Poseidon field,
exploration wells are designed to assess the resource potential in the most efficient manner, and are not suitable for
production.
Reporting schedule
Karoon will provide weekly operational updates during the drilling of the top hole section of the well. When the target
interval is reached, weekly reporting will cease and material information regarding testing or other activities will be
reported in accordance with normal ASIC and ASX requirements when complete and reliable information is available.
Equity interests of the participants in WA-398-P are:
Karoon Gas (Browse Basin) Pty Ltd 40%
ConocoPhillips (Browse Basin) Pty Ltd 60%
Kronos-1 Location:
Latitude: 13 deg 41 53.84 S Northing: 8 485 495 mN
Longitude: 122 deg 11 29.96 E Easting: 412 591 mE