ZACKS·2026-01-14 18:10Core Insights - ConocoPhillips has encountered probable gas in all three targeted Waarre reservoirs while drilling the Charlemont-1 exploration well in the Otway Basin, offshore Victoria [2][3][8] - The drilling operations faced temporary suspensions due to high-pressure conditions, but resumed in early January with encouraging results indicating elevated gas readings [3][4][5] Drilling Operations - The Charlemont-1 well was drilled to a measured depth of 2,753 meters below the kelly bushing by January 7, 2026, where unexpectedly high-pressure conditions were encountered [4] - A seven-inch liner was installed to maintain well control during drilling operations, which were paused earlier than planned due to safety concerns [4][8] Gas Presence and Evaluation - Initial results from the Charlemont-1 well have shown gas presence across multiple Waarre reservoirs, with unexpected findings in the Waarre C formation [5][6] - The operator is currently analyzing different wireline logging scenarios to assess reservoir properties and hydrocarbon presence in the Waarre sandstone reservoirs [4][8] Company Stake and Partnerships - ConocoPhillips holds a 51% stake in the VIC/P79 permit, while partners 3D Energi and Korea National Oil Corporation hold 20% and 29% stakes, respectively [6]