THIS IS GOOD NEWS GD:). Your statement is solid. -great point...

THIS IS GOOD NEWS GD:). Your statement is solid.


-great point ,the legend is suppose to not be able to drill 8 inch production wells, hence the change to a higher capacity rig .-


One of the private concerns of people having direct relations to Karoon (not Conoco) was to not use the 6 inch hole. This will help later testing the well plus other benefits.


Conoco Houston is very careful at this point. They do not want ANY drilling problems at this point.


We should be starting the wireline logs around three weeks. It is hoped that they do not go to a 6 inch hole to prevent the same problems as before. Hopefully we will know good news before the blackout around the first week of May.

Bob
KAR MEO SSN

This is the report 13 from P-1

Karoon Gas Australia Ltd advises that as at 07:00 hours (WDT) today, Poseidon-1 was drilling
ahead in 6? hole at 4683 mRT. Since the last report 7? liner has been set at 4588 mRT and the
well has been drilled from 4580 mRT. The well has penetrated the top Upper Jurassic at 4619
mRT, approximately 31 m high to prediction. As expected, the well is drilling through the non
reservoir section of the Upper Jurassic. Background gas readings in the non reservoir section
have increased to 2.3%.
It is expected that primary reservoir target sandstones within the Upper and Middle Jurassic will
be penetrated within the next 24 to 48 hours on a trouble free basis.

This is the report 14 from P-1


Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, Poseidon-1 was drilling ahead
at a depth of 4879 mRT. Since the last report the well has been drilled from 4683 mRT.
The well has penetrated the top of the Middle Jurassic (Plover Formation) reservoir interval at
4796 mRT. To date a 10m sand has been penetrated in the lower net to gross reservoir interval.
Further reservoir sands are expected to be penetrated in the prognosed higher net to gross
reservoir interval over the next 24 to 48 hours.
Based on mud logging and Logging While Drilling (LWD) petrophysical data, the 10 m sand is
interpreted to contain hydrocarbons. The significance of the interpreted hydrocarbon
intersection will be evaluated by further analysis of all data upon the completion of drilling and
logging