Karoon Gas (ASX: KAR) and ConocoPhillips have flowed gas at an encouraging maximum rate of 30.2 million cubic feet of gas per day from their Boreas-1 exploration well in the offshore Browse Basin.
Importantly, the flow test of the primary Plover formation reservoir is constrained by current surface equipment, making it all but certain that higher flow rates are possible.
The test is designed to assess flow rates in a perforated interval of 70 metres from a depth of 4,904 metres and will continue for about five days
This will include shut-in and flowing periods, surface and down hole sampling of reservoir fluids and production logging to assess the overall deliverability of the primary reservoir underpinning the Greater Poseidon Trend.
Well data from Boreas-1, which is located about 4 kilometres south of the Poseidon-1 discovery well in WA-315-P, will be integrated into existing data recovered from Poseidon-1, Poseidon-2, and Kronos-1 along with the Poseidon 3D seismic data to further define the size and composition of the Greater Poseidon Trend.
Once operations at the well are completed, the Transocean Legend semi-submersible rig will move to drill the Zephyros-1 and Proteus-1 wells.
Zephyros-1 will test the flank of a fault block 9km west of the Kronos-1 well. Proteus-1, 15km east of Zephyros-1 will test a fault block on the eastern flank of the Greater Poseidon Trend.
Locations of the remaining two firm wells in the drilling program, which also includes three optional wells, will be announced as they obtain joint venture approval.
Karoon will also commission an independent assessment of its Best Estimate Contingent Resource of 7 trillion cubic feet of gas when sufficient well results have been acquired and a full analysis conducted after the drilling program is complete.
This will allow a decision to be made regarding the most appropriate development option to be pursued.
Gas rich neighbourhood
The Greater Poseidon Trend is located in one of the most gas-rich petroleum areas in Australia.
It is located close to Inpex’s giant Ichthys gas field that underpins the under-development liquefied natural gas project of the same name; the Torosa, Brecknock and Calliance fields that make up the Browse LNG project; and the Argus gas field.
All these fields are also rich in condensates.
Karoon Gas holds 40% of WA-315-P and WA-398-P.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.