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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Casino Guichard Perrachon | AQEU:COP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.1965 | -5.40% | 3.4435 | 3.4875 | 3.5335 | 3.5775 | 3.44 | 3.5775 | 1,556 | 15:24:17 |
From Jul 2019 to Jul 2024
Karoon Gas Australia Ltd. (KAR.AU) said Wednesday it will drill another three wells in its Browse Basin joint venture with ConocoPhillips (COP) and has an option to drill another four, possibly bringing the total number of wells drilled to nine.
The joint venture made a promising gas discovery with the first well, Poseidon-1 but disappointed with the second, Kontiki-1.
The third well in the campaign, Poseidon-2, will be an appraisal well to evaluate the significance of the initial Poseidon discovery.
A spokesman for Karoon said drilling on Poseidon-2 is expected to occur within the next 10 days.
A 3D seismic survey of the greater Poseidon area will start in early October, Karoon said in a statement.
Two more exploration wells, Lion-1 and Kronos-1, will follow Poseidon-2.
If the company decides to drill another four wells, it may have to come back to investors for capital after raising A$173 million from a placement and share purchase plan.
A decision to drill more wells could depend on the results of Poseidon-2, Lion-1 and Kronos-1, as exploration success could justify drilling more appraisal wells.
-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
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