report no 7

Kronos-1 PROGRESS REPORT NO 7
At 0600 hrs WST, Karoon advises that Kronos-1 was drilling ahead at 4748 mRT. Since the last report, 9-5/8? intermediate
casing was run and cemented and the well was drilled from 4097 mRT to its current depth.
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 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
For further information please see the Karoon website or contact:
Scott Hosking: Company Secretary