Karoon Gas Spuds Kontiki-1 Exploration Well In WA-314-P, Australia

Kontiki-1 is the second well in a multi- well drilling program in the Browse basin permits WA- 314-P, WA-315-P and WA-398-P.

The Kontiki-1 well is located in WA-314-P, approximately 490 kilometers North of Broome, Western Australia. Kontiki -1, with a planned total depth of 4610 mRT is targeting potential hydrocarbons in Middle and Upper Jurassic sandstones. Kontiki-1 is a separate and independent structure from the Poseidon-1 discovery.

As with the recent gas discovery well, Poseidon-1, Kontiki-1 is planned to be plugged and abandoned following final well evaluation and production testing if applicable.

Equity interests of the participants post farm-out in WA-314-P and WA-315-P are: Karoon Gas 49%, ConocoPhillips SH2 Pty Ltd 51%.

Equity interests of the participants in WA-398-P are: Karoon Gas 40%, ConocoPhillips SH2 Pty Ltd 60%.

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