It is expected that primary reservoir target sandstones within the Upper and Middle Jurassic will be penetrated within the next 24 to 48 hours on a trouble free basis.
The Sedco-703 semi-submersible rig is drilling the exploration well, which is operated by ConocoPhillips.
Poseidon-1 is the first well in a multi- well drilling program in the Browse Basin permits WA-314- P, WA-315-P and WA-398-P by the Karoon Gas/ConocoPhillips joint venture.
The Poseidon-1 well is located in WA-315-P, around 480 kilometers North of Broome, Western Australia. Poseidon -1, with a revised planned total depth of around 5050 m True Vertical Depth Sub Sea (TVDSS) is targeting potential hydrocarbons in the Middle and Upper Jurassic sandstones.
Equity interests of the participants post farm-out in WA-314-P and WA-315-P are: Karoon Gas Australia Ltd with 49% and ConocoPhillips (Browse Basin) Pty Ltd with 51% stake.
