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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	KAR
Latest Price:	5.35 (1.71% )
52-week High:	7.77
52-week Low:	2.62
Market Cap:	1,184.60M

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Karoon Gas
Karoon Gas's (ASX: KAR) core focus and strategy is to identify, explore and develop acreage that is highly prospective for oil and gas . Karoon currently has five focus areas, the Browse Basin (Western Australia), Bonaparte Basin (Northern Territory), Tumbes Basin (Peru), Marañón Basin (Peru) and the Santos Basin (Brazil).

Karoon Gas reports on Kronos-1 drilling progress

Thursday, March 18, 2010

Karoon Gas (ASX:KAR) has reported that the Kronos-1 was drilling ahead at 3034 mRT in 12-1/4” hole.

Since the last report, the well has been drilled from 2663 mRT.

The Transocean Legend semi-submersible rig is drilling the Kronos-1 well, and ConocoPhillips is the operator.

Kronos-1 is located on a high block in the south-western part of the greater Poseidon trend, 15 kilometres from the Poseidon-1 well and is the third well on the greater Poseidon trend.

The well is designed to evaluate and test the Plover Formation reservoirs. Key objectives of Kronos-1 are to collect reservoir properties data, reservoir fluid compositional data and then define production rates for possible future production wells. The well has a planned total depth of 5322mRT.

The Montara Formation reservoirs intersected in the downdip Poseidon-2 well are interpreted to not be present at the Kronos-1 location.

As with the recent, Poseidon-1 and Poseidon-2 wells, Kronos-1 is planned to be plugged and abandoned following final well evaluation and production testing. During the current exploration and evaluation phase of the Poseidon field, exploration wells are designed to assess the resource potential in the most efficient manner, and are not suitable for production.

Equity interests of the participants in WA-398-P are: Karoon Gas (Browse Basin) Pty Ltd 40% and ConocoPhillips (Browse Basin) Pty Ltd 60%.

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