These intervals have thicknesses of 10m, 67m and 114+m. The base of the lowermost sand interval is yet to be penetrated.

Based on mud logging and Logging While Drilling petrophysical data, the three gross sand intervals are interpreted to contain hydrocarbons. The nature and significance of the interpreted hydrocarbon intersections will be evaluated after wireline logging and detailed log analysis upon the completion of drilling.

A revised total well depth is dependent on geological data, and will be advised when available. 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 Oil/ConocoPhillips joint venture.

The Poseidon-1 well is located in WA-315-P, around 480 kilometers North of Broome, Western Australia.

Equity interests of the participants post farm-out in WA-314-P and WA-315-P are:

Karoon Gas has 49% stake and ConocoPhillips (Browse basin) Pty Ltd with 51%.

Equity interests of the participants in WA-398-P are:

Karoon Gas has 40% stake and ConocoPhillips (Browse Basin) Pty Ltd with 60%.