Karoon Gas (ASX: KAR) has intersected a 12 metre net gas reservoir at its Poseidon North-1 well in the Browse Basin off Western Australia.
However, pressure data is inconclusive and sample analysis remains outstanding which is required to confirm the presence of mobile gas.
The well is being plugged and abandoned with no further evaluation planned.
Operator ConocoPhillips (NYSE: COP) will now move to drill Pharos-1 well, the six and final well in the Phase 2 exploration drilling program.
Pharos‐1 will be located approximately 9 kilometres north east of Proteus‐1 and will be a further test of the Proteus‐Crown trend.
It targets an extension of the discovery made at Proteus‐1 which established excellent reservoir quality and condensate bearing gas in the Montara formation.
Karoon has a 40% interest in WA-315-P.
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