Karoon Gas Australia Ltd advises that at 06:00 hours (WST) today, mechanical repair of the Blowout Preventers (“BOP”) was being undertaken. Upon completion of the repairs, the BOP and marine riser will be re-run to the sea floor to allow drilling of the 8-1/2” hole section to proceed.
Since the last report and prior to drilling ahead, a mechanical problem was observed while the BOP was stationed at the sea floor requiring the BOP and riser to be pulled from the hole for repairs. This mechanical issue was unrelated to previous BOP problems. The BOP and marine riser were then pulled from the hole allowing repairs to commence over the weekend.
The Transocean Legend semi-submersible rig is drilling the exploration well, which is operated by ConocoPhillips.
ConocoPhillips is the operator of the jointly held WA-314-P, WA-315-P and WA-398-P Browse Basin permits containing the previously announced Poseidon and Kronos gas discoveries. Karoon Gas Australia Ltd holds 40% of the permit WA-315-P and WA-398-P, and 90% of permit WA-314-P.
Boreas-1 is located approximately 4 kilometres south of Poseidon-1 in WA-315-P on a large tilted fault block which is part of the 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 within the Boreas-1 fault block.
Upcoming Well Program
The exploration program, operated by ConocoPhillips, plans to utilise the Transocean Legend semi-submersible rig for the entire campaign and is expected to continue through 2013.
A minimum of five wells will be drilled during the exploration program. The principal objective of the exploration program is to better define the size and quality of the hydrocarbon accumulations within the exploration permits which contain the greater Poseidon trend.
The second well, Zephyros-1, is located in permit WA-398-P on a large tilted fault block approximately 8 kilometres south west of Kronos-1 discovery location. The third well, Proteus-1, is located in WA-398-P on a large tilted fault block approximately 14 kilometres south east of the Poseidon-1 discovery location. Additional well locations for the remainder of the program will be announced as they obtain joint venture approval.
Press Release, July 2, 2012