Karoon updates Poseidon-1 drilling

Preparations are under way to plug and abandon the Poseidon-1 well, according to Karoon Gas Australia.

Offshore staff

MT MARTHA, Australia -- Preparations are under way to plug and abandon the Poseidon-1 well, according to Karoon Gas Australia. Wireline log porosity and pressure measurement data suggests the well is capable of flowing gas, the company reports.

A 5-in. (13-cm) liner was run and cemented in the well; however, there was a mechanical failure while attempting to retrieve the lining hanger setting tool, the company says. This resulted in the well being irreparably plugged above planned test intervals, making it impossible to carry out the planned production tests. After unsuccessful tool recovery attempts, the Karoon/ConocoPhillips joint venture decided to plug and abandon Poseidon-1.

The Poseidon-1 penetrated a 317-m (1,040-ft) gross gas-bearing Plover Formation over the interval 4795 to 5112 mRT with three gross gas bearing sands totaling 228 m (748 ft). Wireline pressure testing of four data points and sampling (MDT tool) in the lower sand interval showed a gas gradient, indicating that the reservoir contains gas.

The gas-water contact has not been penetrated, indicating the potential for additional gas below the total depth of Poseidon-1. Estimations of reservoir permeability (indicative of flow rates) based on log derived porosity and four pressure data points, suggest that that reservoir section will flow gas, Karoon reports.

As Karoon has currently mapped, the well is located over 100 m (328 ft) below the trap crest of the Poseidon structure with an interpreted gross gas column for the structure of over 430 m (1,411 ft). The area of the structure as currently mapped is around 280 sq km (108 sq mi) and remapping is under way. Karoon's analysis of seismic and well results indicates the contingent resource discovered in the well is likely to be consistent with or exceed Karoon's pre-drill prospective resource range (P10- 15 tcf, P50- 7 tcf, and P90-3 tcf).

The joint venture has begun planning a Poseidon field appraisal program. The next well in the program will be Kontiki-1.

05/20/2009

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