Karoon Gas Australia Ltd. (KAR.AU) said Thursday that its joint venture with ConocoPhillips (COP) has achieved a "large" flow rate from its Kronos-1 exploration well offshore Western Australia state, supporting its ambition to supply a standalone liquefied natural gas development that could be sanctioned as early 2012.

Karoon said Wednesday that it has obtained flow rates from Kronos-1 of 26 million standard cubic feet of gas per day, but the flow rate was constrained by the size of the testing equipment.

"Basically it's almost the maximum flow rate that you could get out of the infrastructure that's there," Company Secretary Scott Hosking told Dow Jones Newswires.

"What it will extrapolate to down the track I'm not precisely sure, but it's a large flow rate."

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com
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