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Key Petroleum Ltd is a publicly listed Australian oil and gas company strategically focussed on pursuing conventional and unconventional wildcat exploration programs in the North Perth and Canning Basins in Western Australia.
The Company has high equity positions, operatorship over the entirety of its permit portfolio and a dedicated technical team with a forward strategy to unlock the petroleum potential over acreage which is often located in hostile yet highly prospective onshore acreage in remote areas of WA.
Acreage within the Canning Basin portfolio consists of a number of exciting development and exploration opportunities.
EP448 is a frontier block located within the Great Sandy Desert. A recent Geochemical Soil Survey (Curtly Geochemical Soil Survey) conducted over the permit in 2013 integrated with existing data identified four conventional shallow oil structures which the company aims to drill over 2014-2015. Of these four prospects, Griffiths and Patterson have an estimated un-risked prospective resource of recoverable oil in a best estimate of 30 and 14 million barrels respectively. The southeastern portion of the permit has a large unconventional oil potential play over 2.5 million prospective acres.
EP104, R1 and L15 (EP104 Trend) contains the Point Torment-1 gas discovery well, the untested Stokes Bay-1 well and the West Kora-1 oil and gas discovery and production well. There is indication that potential recoverable gas from deltaic sands in the Lower Anderson Formation found in this part of the Basin, which extends from Stokes Bay-1 to Point Torment, could be as high as 150 billion cubic feet (BCF). Key has plans for a workover of the permit which will include testing these sands to evaluate the conventional gas potential during future operations.
Acreage within the North Perth Basin includes the Dunnart-2 well planned to be drilled during 2014. The Basin is well known for its hydrocarbon potential with well over 200 wells drilled and the development of a number of significant oil and gas fields including Jingemia, Hovea and Woodada.
EP437 contains the Dunnart-2 well, a shallow oil structure located near the Dongara gas field, which is aimed to be drilled during 2014. The nearby Dunnart-1 well had live oil shows which were never tested and Key is confident in the prospectivity of the commitment well which has an estimated un-risked prospective resource of recoverable oil between 1.5 - 3.5 million barrels.
The Company’s strategy and philosophy of drilling wildcat wells in prospective acreage is reflected in undertaking an extensive prospectivity review of the permit and has negotiated terms with Drilling Contractors Australia (DCA) for a rig to be available for up to five exploration wells. The Company aims to drill a number of follow up wells within EP437 contiguous on a discovery at Dunnart-2. These include Dunnart-3 and Wye-Knot-1, with other potential prospects part of the prospectivity review. Two structures under review and being matured to drill status include the Conder South and Wattle Grove leads.