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Key Petroleum Ltd is focused on quality exploration in both the North Perth and Canning Basins in Western Australia. The Canning Basin portfolio consists of a number of development and exploration opportunities.
Permits R1 and EP 104 contain the Point Torment gas discovery well and the untested Stokes Bay-1 well. The Production License L15 includes the West Kora-1 oil discovery and unconventional gas.
EP 438 and EP 448 are regarded as having potential oil prospectivity. Gulliver Productions Pty Ltd (100% wholly owned subsidiary of Key Petroleum Ltd) with Indigo Oil Pty Ltd ("Indigo") previously entered into a Farmin Agreement with Buru Energy Limited ("Buru") in the EP 438 Permit. Buru, pursuant to the original Farmin Agreement, has now completed an agreed 80km 2D Athos Seismic Survey as part of this commitment and a technical evaluation has identified future drillable prospects.
Key recently drilled and operated the Cyrene-1 exploration and commitment well, being the first modern day Operator to acquire core a Goldwyer section with hydrocarbon indications up to C6+. The Joint Venture is currently using this data to evaluate the greater unconventional resource potential in EP438.
Key Petroleum is the operator of EP 448 with a controlling interest of 78%. The permit is prospective for both conventional and unconventional oil and gas. Current interpretations indicate that the Goldwyer Formation source rock is within the wet gas to oil generative window and a large unconventional structure Ambrose has been delineated from the existing seismic in the south east part of the permit with several conventional oil leads mapped on trend. These conventional targets for oil lie within the Nita Formation and for shale oil in the fractured limestones of the Goldwyer Formation. Key is currently seeking a suitable strategic farmin partner for this permit as a result of recent well results from adjacent acreage and technical assessment by Key.
In EP 437 Key currently holds a 50% interest and is working together with Joint Venture partners to drill an exploration well, Waugh-1, in 2013 to evaluate the prospectivity of the conventional Triassic sequence.