Karoon Gas (ASX: KAR) will soon release a key operational update and has been placed into an ASX trading halt while it prepares the announcement.
The ConocoPhillips-operated Boreas-1 exploration well in the Browse Basin had earlier this month intersected gas shows in the primary reservoir objective.
Karoon had cautioned then that wireline logging, pressure and sampling programs would be needed to define the thickness and properties of any sands penetrated and the presence and characteristics of any movable hydrocarbons which they may contain.
The well is being drilled by the Transocean Legend semi-submersible rig as part of an exploration program of at least five wells to better define the size and quality of the hydrocarbon accumulations within the exploration permits which contain the greater Poseidon trend.
Boreas-1 is located about 4 kilometres south of Poseidon-1 in WA-315-P on a large tilted fault block which is part of the north-east trending structural high of the greater Poseidon structure.
It will be followed by followed by Zephyros-1 in WA-398-P on a large tilted fault block about 8 kilometres south west of Kronos-1 discovery location and the third well, Proteus-1, is located in WA-398-P on a large tilted fault block about 14 kilometres south east of the Poseidon-1 discovery location.
Karoon Gas holds 40% of WA-315-P and WA-398-P.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Wednesday 19 September.
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