At 06:00 hours(WST) today, Karoon advises that wire line logs were being acquired in the Zephyros-1 well. Since the last update, 108 metres of core was cut and recovered to surface and the well was drilled to its total vertical depth of 5372 metres before conducting wire line logging.

• The Zephyros-1 well penetrated gas bearing Plover Formation sands similar to that seen at Kronos-1. • Zephyros-1 reservoir sands are good quality, intervals of which are interpreted to have some of the highest mobility values(ability to flow gas)recorded from MDT sampling tools in any of the JV's Poseidon area wells. • In the case of a production test, Zephyros-1 would be expected to flow at similar, tubing constrained, rates to Kronos-1. • Pressure data through the gas column indicates a possible deep gas-water contact similar to that interpreted at Kronos-1. • The 108m of cut core will provide a high quality data set for further reservoir characterisation. • Numerous reservoir fluid and pressure samples were gathered, allowing the joint venture to further assess the greater Poseidon resource size and gas composition while also providing information for use in estimating well production rates for any development wells in the future.

Tags: Karoon Gas Australia Ltd