KAROON Gas Australia has extended its recent run of good news, announcing another gas discovery at the Pharos-1 exploration well in the Browse basin off Western Australia.
In a progress report for WA-398-P released to the Australian Securities Exchange, Karoon said the presence of movable hydrocarbons was supported by petrophysical log interpretations, formation pressure gradients and down hole gas sampling.
While ConocoPhillips is the operator of the permit, Karoon said its own assessments of drilling showed a 53 metre gross interval with 34m net pay intersected.
Preparations for a production test will start on the completion of the wireline logging program.
Pharos 1, the sixth and final well in the Browse basin Phase 2 exploration drilling campaign is located about nine kilometres north east of Proteus 1 and will be a further test of the Proteus‐Crown trend.
Pharos 1 is targeting an extension of the discovery made at Proteus 1 which established excellent reservoir quality and condensate bearing gas in the Montara formation.
The exploration campaign is using the Transocean Legend semisubmersible rig for the final well.
The principal objective of the campaign is to better define the size and quality of the hydrocarbon resource within the exploration permits which contain the Greater Poseidon trend.
Karoon currently holds a 40 per cent stake in WA 398 P. The company’s shares have been travelling upward since the beginning of July. The latest news propelled its securities further, reaching a trading high of $3.45 on 17 July, up more than 10c from the previous day’s $3.34 close.
Oil and gas major ConocoPhillips is the operator of the permit in which Karoon Gas holds 40 per cent