UPDATE: Karoon, ConocoPhillips Confident On Poseidon-2 Well -Source
10 Diciembre 2009 - 1:06AM
Noticias Dow Jones
Karoon Gas Australia Ltd. (KAR.AU) is confident that the latest
well in its drilling campaign with joint venture partner
ConocoPhillips (COP) in the Browse Basin, Poseidon-2, will be a
success, a person familiar with the matter said Thursday.
The comments could substantially boost Karoon's shares when they
start trading Friday after they were sold off late Thursday when
the company released a statement that said Poseidon-2 had passed
its planned depth, but the statement didn't mention any gas
pay.
"What they're seeing is the same sort of structure as what they
saw with Poseidon-1," the person said. "They're feeling confident
about it, but couldn't say anything in detail until higher
resolution testing had been completed."
Initial results from the Poseidon-1 exploration well released
earlier this year indicated that it had struck a 200-meter gas
column. The news put a rocket under Karoon's shares.
Some of the sheen was taken off later this year when the joint
venture's second exploration well, Kontiki-1, was unsuccessful, so
the market is eagerly awaiting the results of Poseidon-2.
The person pointed to Karoon's announcement yesterday that
ConocoPhillips has taken an extra 9% stake in two of the venture's
Browse Basin permits offshore Western Australia state as an
indication that the U.S. oil major is pleased with the venture's
progress.
Analysts have said that Karoon and ConocoPhillips could be
sitting on one of Australia's biggest gas resources, noting the
proximity of its Poseidon discovery to other major finds like Inpex
Holdings Inc.'s Ichthys field.
Karoon Chief Executive Robert Hosking has said it's possible the
discovery will rival Woodside Petroleum Ltd.'s initial North West
Shelf discovery, which feeds Australia's biggest LNG export
terminal.
Two more exploration wells, Lion-1 and Kronos-1, will follow
Poseidon-2 and the venture has an option to drill a further four
wells.
-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com
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