) announced the commissioning of Boreas-1 exploration well on
Block WA-314-P in Western Australia's offshore Browse basin.
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The gas flow rate of the well was at a uniform rate of 30.2
million cubic feet per day on a 0.62 inch choke in the course of
the initial well cleaning, according to ConocoPhillips and its
partner Karoon Gas Australia. The current surface equipment
constrained the flow rate of the well.
Per the ongoing testing program, the flow rate currently stands
in the range of 4,904 to 4,974 meters in a punctured interval of
70 meter, in the primary Plover formation reservoir.
Following the completion of the production test - extending for
about five days -the entire well data along with the data
acquired from Poseidon-1, Poseidon-2 and Kronos-1 discoveries and
the 3D seismic data, will be integrated to identify the volume
and constitution of the Greater Poseidon.
The semi-submersible rig Transocean Legend is drilling the three
blocks - WA-314-P, WA-315-P and WA-398-P - in the Boreas-1, which
represents the first of a planned five well drive in the Greater
Poseidon executed by ConocoPhillips and Karoon.
After the completion of testing at Boreas-1, both the companies
will shift its focus to the Zephyros-1 exploration well, in
permit WA-398-P - located around eight kilometers south-west of
the Kronos-1 discovery.
Located about 14 kilometers south-east of Poseidon-1 - Proteus-1
- in WA-398-P, will be the third target of the companies. The
other two well locations will be disclosed only after the receipt
of joint venture consent.
ConocoPhillips retains the operatorship of the Greater Poseidon
campaign with an interest of 60% in WA-315-P and WA-398-P, while
Karoon has a stake of 40%. In block WA-314-P - Karoon and
ConocoPhillips hold 90% and 10%, respectively.
ConocoPhillips recently acquired a stake in US energy firm
) Azeri, Chirag and Guneshli (AGC) group of oil fields in
Azerbaijan. Longer term, we maintain our Underperform