ConocoPhillips may have significant discovery with Poseidon 1 - Australia

This article is extracted from International Oil Letter, Vol 25 issue 21, published 25 May 2009.

ConocoPhillips is abandoning its Poseidon 1 exploration well in the 2,010 sq km WA-315-P permit in the Browse Basin as a significant gas discovery.  A 5” liner was run and cemented.  However, there was a mechanical failure while attempting to retrieve the lining hanger setting tool.  This resulted in the well being irreparably plugged above planned test intervals making it impossible to carry out production tests.  The well was targeting Middle and Upper Jurassic sandstones in the Poseidon structure, which straddles permits WA-315-P and WA-398-P, both operated by ConocoPhillips holding 50% and 60% interests, respectively.

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Data gathered indicates the well penetrated a 317m gross gas-bearing Plover Formation over the interval 4,795 to 5,112m with three gross gas-bearing sands totaling 228m.  The gas-water contact has not been penetrated, indicating the potential for additional gas below the total depth of Poseidon 1.  Partner Karoon Gas believes the well is located over 100m below the trap crest of the Poseidon structure with an interpreted gross gas column of over 430m.   Karoon’s analysis supports the view that contingent resources for the well are likely to be consistent with or exceed its pre-drill P50 estimate of 7 Tcf.  The joint venture has commenced planning a Poseidon field appraisal program.  The next well in what is believed to be a three-well drilling program targeting multi-Tcf gas prospects will be Kontiki 1.

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