presentation by larry archibald

Larry Archibald's presentation at the Conco Phillipsmeeting.....

Moving over to the other side of the globe, ConocoPhillips operates the giant Poseidon discovery. Our partner, Karoon, has
talked a lot about that in the press. We've talked less about it as we'd like to get some appraisal information first.
We are 60% working interest in Poseidon. Its footprint is equally large, about four miles wide by over 20 miles long. Bigger than
Manhattan, for scale. We recently finished our first appraisal well at Poseidon-2. We situated Poseidon-2 about four miles away
from the initial discovery well, deliberately moving it off the very flank of the greater Poseidon footprint to test the gas water
content.
Poseidon-2 came in line with our expectations. Most notably, we were relieved to see the thick, lower Plover sands that the bulk
of the pay in Poseidon-1 were present four miles away, albeit down dip and wet as we expected at this flank location.
Equally important, we saw the gas column and some of the thinner, upper Plover sands at this location. We did attempt to test
the Plover-B, which was a thinner, rattier, more marginal upside pay zone. We did confirm that was in the gas column, but it
was really relatively low permeability so we're not putting much in the way of resources in that thin upper zone.
But a surprise upside, we encountered the Montara Sands in this location and what appears on logs to be an upside pay that
we didn't see in Poseidon-1, Montara. Unfortunately, we weren't set up for that in the well design. It wasn't a good place to get
a DST on the Montara. We'll have to run a DST to test the permeability and the flow rates to the Montara in future appraisal
wells.
Now we're currently drilling something called Kronos-1. You can debate whether that's an exploration or an appraisal well. It's
far removed from Poseidon-1. It's about nine miles away, six miles away from Poseidon-2. It is in a very separate distinct fault
block, testing [a crest] the location of a fault block down to the south. It is within the greater Poseidon overall footprint. So this
footprint, I said, that's over 20 miles wide, Poseidon -- or Kronos-1 is still in that same footprint. I'll be testing a very different
fault block.

If the big thick Poseidon lower Plover sands are present at Kronos as well, we're hoping all of those are within the gas column
and we'd intend to get a DST at the main pay zones in Kronos-1. We're at 11,000 feet, about 6,000 feet to go before we know
more about that one.
So, exciting appraisal program. We're going to know a lot more about these giants by the end of this year.