News: Karoon Gas, Executive Chairman discusses th, page-31

re: News: Karoon Gas, Executive Chairman disc... At 06:00 WST on the 3rd of May, Proteus-1 had reached its current total depth of 4740m in the 8-
1/2” hole section. Since the last update the 12-1/2” hole section was completed with the 9-5/8”
liner being run and cemented to 4168mpriorto drilling ahead in the 8-1/2” hole section.
The Transocean Legend semi-submersible rig is drilling the exploration well, which is operated by
ConocoPhillips.
ConocoPhillipsisthe operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin
permits containing the previously announced Greater Poseidon gas discoveries. Karoon Gas
Australia Ltd holds 40% ofthe permit WA-315-P and WA-398-P, and 90% of permit WA-314-P.
Proteus-1 isthe third well in the exploration program. Proteus-1 islocated in permit WA-398-P on a
large tilted fault block approximately 14 kilometressouth east ofthe Poseidon-1 discovery well.