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Key Petroleum Ltd is a publicly listed Australian oil and gas company focused on exploration in conventional and unconventional projects in the North Perth and Canning Basins in Western Australia. Acreage within the Canning Basin portfolio consists of a number of exciting development and exploration opportunities.
Permits EP104 and R1 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. There is indication that potential recoverable gas from deltaic sands in the Lower Anderson Formation, which extends from Stokes Bay-1 to Point Torment, could be as high as 150 billion cubic feet (BCF). Key has plans to test these sands and evaluate shale gas potential during any future drilling.
Key is Operator of the EP448 permit which is regarded as having excellent prospective potential 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 southeast part of the permit with several conventional oil leads mapped on trend. These conventional oil targets lie within the Nita Formation, and for shale oil, in the fractured limestones of the Goldwyer Formation.
In 2014 Key aims to drill two wells, Walsh-1 and Ambrose-1, within the EP448 permit. There is an estimated potential oil in place of some 25 million barrels of oil and the company is currently seeking a suitable strategic farmin partner for this permit as a result of the well results from the Cyrene-1 well (adjacent EP437 permit) and a technical assessment by Key.
A recent Geochemical Survey within the EP448 permit (Curtly Geochemical Survey), the first of its type in this part of the Canning Basin in the Great Sandy Desert, has yielded encouraging results. The survey assisted in defining conventional and unconventional prospects and plays within the permit with the geochemical team identifying a fairway among other new plays and leads.
In the Perth Basin, Key currently holds a 50% interest in the EP437 permit and is working together with joint venture partners to drill an exploration well, Dunnart-2, in 2014. This well will evaluate the prospectivity of the conventional Triassic sequence.