Karoon Gas Australia (ASX: KAR) has been granted a trading halt by the ASX today pending the release of an announcement on its drilling operations in the Browse Basin.
The company had in April spudded the Boreas-1 well with operator ConocoPhillips (NYSE: COP) that targets the a large tilted fault block in WA-315-P that is part of the northeast trending structural high of the greater Poseidon structure.
Boreas-1, located about 4 kilometres south of the Poseidon-1 gas discovery, was designed to test the extent, presence and quality of reservoirs of the fault block and is part of a Karoon’s 2012 Browse Basin drilling program of up to 5 wells to better define the size and characteristics of the greater Poseidon structure.
The Poseidon field was discovered by the Poseidon-1 well in 2009 and has contingent resources of about 7 trillion cubic feet of gas in the Plover Formation sands.
Karoon Gas holds 40% of WA-315-P.
The halt will last until the earlier of an announcement being made to the market, or the open of trade on Wednesday, July 4.
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