progress report 13

Wednesday, 30th December 2009
(ASX Code: KAR)
ASX ANNOUNCEMENT
POSEIDON-2 PROGRESS REPORT NO 13
At 0600 hrs WST today Karoon advises that the Poseidon-2 well was completing a wireline logging program.
On completion of the wireline logging program, a 4-1/2 production liner will be run and cemented in
preparation for production testing operations. Testing results will be advised as they become available over
the course of the next few weeks.
Since the last report the Transocean drilling rig re-manned, following cyclone evacuation, and wireline
operations have been conducted.
The Transocean Legend semi-submersible rig is drilling the exploration well, which is operated by
ConocoPhillips.
Poseidon-2 is located in WA-398, on the southern flank of the north-east trending structural high of the
greater Poseidon structure. The objective of the well is to test the extent, presence and quality of reservoirs
down-dip from Poseidon-1 where the Plover Formation is interpreted to thicken. The well had a planned total
depth of approximately 5300 mRT.
As with the recent gas discovery well, Poseidon-1, Poseidon-2 is planned to be plugged and abandoned
following final well evaluation and production testing. These are exploration wells and are not suitable for
production purposes.
Equity interests of the participants in WA-398-P are:
Karoon Gas (Browse Basin) Pty Ltd 40%
ConocoPhillips (Browse Basin) Pty Ltd 60%