), operator of the WA -315-P Browse Basin permit, along with its
partner Australia's oil and gas exploration company, Karoon Gas
Australia Ltd. announced the Progress Report of Poseidon North - 1.
The Australian company reported that a 9.625 inch casing was run
and cemented at 12,533 foot (3,820 meter) RT (Rotary Table) at
Poseidon North - 1 well in permit WA-315-P offshore Western
Thereafter, a 8.5 inch hole was drilled to reach the final well's
total depth of 17,349 feet (5,288 meters) RT followed by a wireline
Karoon Gas inferred that the Poseidon North - 1 well overlapped gas
bearing sands of Jurassic age across a 65.6 foot (20 meter) gross,
39.3 foot (12 meter) net reservoir interval. This interpretation,
which was based on cuttings, mud gas and wireline log data, is
uncertain. A sample analysis is yet to be carried out to establish
the existence of mobile gas. With no further evaluation planned,
the well will now be plugged and abandoned.
On completion of Poseidon North - 1, the joint venture has decided
to drill the sixth and final well, Pharos - 1 in permit WA-398-P,
as part of Browse Basin Phase 2 exploration drilling campaign.
Located about 5.59 miles (9 kilometers) north east of Proteus -1,
Pharos -1, will be a further test of the Proteus-Crown trend.
Pharos, a low risk exploration well with the potential to augment
considerable resource for any future Poseidon development, intends
to target an extension of the discovery made at Proteus - 1, which
proved excellent reservoir quality and condensate bearing gas in
the Montara formation.
ConocoPhillips plans to use the Transocean Legend (mid-water
semisubmersible) for the final well.
At present, ConocoPhillips carries a Zacks Rank #3 (Hold). Some
better-ranked oil and gas stocks worth considering include
CVR Refining, LP
Matrix Service Company
). All of these sport a Zacks Rank #1 (Strong Buy).
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