UPDATE 1-Karoon Gas detects background gas at Kronos-1

Mon Apr 19, 2010 2:07am EDT

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(Adds details from statement)

SYDNEY, April 19 (Reuters) - Australia's Karoon Gas Ltd (KAR.AX) has detected an increase in background gas at its Kronos-1 well off northwest Australia and has plugged it, ahead of further exploration work, the company said on Monday.

Karoon-1 was drilled in a field owned 40 percent by Karoon Gas and 60 percent by ConocoPhillips (COP.N). It lies close to a major gas field held by Woodside Petroleum (WPL.AX).

For full statement click on: here urn:newsml:reuters.com:20100419:ASX_3A335128 (Reporting by Mark Bendeich, editing by Balazs Koranyi)

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