Mud logging and drilling data indicated that a 10m sand in the Middle Jurassic reservoir was hydrocarbon bearing though Karoon said the shows will be evaluated further by further analysis of all data on completion of drilling and logging.

Karoon added the Sedco-703 semisubmersible rig was still drilling the well towards the primary gas target with further reservoir sands expected to be penetrated over the next 24 to 48 hours.

The joint venture's Browse Basin acreage is adjacent to the giant Torosa, Brecknock, and Caliance gas and condensate fields currently being appraised by a Woodside Petroleum JV.

The fields have a proven P50 resource of 21 trillion cubic feet of gas and 300 million barrels of condensate.

The Browse acreage is also near the Ichthys gas and condensate field, which is estimated to contain 12tcf of gas and 600MMbbl of condensate.

ConocoPhillips is operator of the three permits and has a 51% interest in WA-314-P and WA-315-P, and a 60% interest in WA-398-P.

Karoon has a 49% interest in WA-314-P and WA-315-P, and a 40% interest in WA-398-P.