The Houston-based global exploration and production company
) hit gas at the Proteus-1 exploration well in Permit WA-398-P in
the Browse Basin.
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Located 218 miles (350 kilometers) offshore north-western
Australia coast, the 4.125 inch hole section of the well, was
drilled from the 5 inch liner shoe at 14,075 feet (4,920 meters)
below rotary table (RT) to a total depth of 17,224 feet (5,250
meters) RT. The well reached a total depth of 17,224 feet (5,250
Currently, wireline logging operations are ongoing and are near
completion. The joint venture intends to carry out a production
test in the coming weeks.
Movable hydrocarbons present in good quality Jurassic reservoir
units are backed by petrophysical log interpretation, formation
pressure gradients and gas samples recovered at the surface.
The success in Proteus - 1 well follows the major gas discoveries
in the Boreas -1, Kronos -1 and Zephryos 1 wells drilled earlier
in the current drilling campaign. ConocoPhillips, the operator,
of the exploration program, used mid-water semisubmersible rig
Transocean Legend, to drill the Proteus-1 well. The company plans
to utilize the same rig for the entire campaign, likely to
continue through 2013.
ConocoPhillips is the operator of the WA - 314 - P, WA - 315 - P
and WA - 398 - P Browse Basin permits. The Greater Poseidon
gas discoveries announced earlier cover these permit areas.
ConocoPhillips holds a 60% stake in permit WA - 315 - P and WA -
398 - P, while Karoon Gas Australia holds the remaining 40%. A
90% interest in permit WA - 314 - P is held by Karoon Gas
During the second phase of the Browse drilling campaign, at least
six wells are targeted to be drilled. The primary goal of the
exploration program is to ascertain the size and quality of the
hydrocarbon accumulations within the exploration permits which
contain the greater Poseidon trend.
ConocoPhillips carries a Zacks Rank #3 (Hold). However, other
Zacks Ranked #1 (Strong Buy) stocks -
Range Resources Corp.
China Petroleum & Chemical Corp
) - appear more attractive for the short term.