Key Petroleum Continues Drilling Program onshore WA with Cyrene-1

Key Petroleum announced Monday that it has resumed drilling operations in the Cyrene-1 well, sited in EP 438, Canning Basin, onshore Western Australia. 

Drilling of the surface casing shoe starts on Monday, with a forward plan in place to continue drilling through the primary targets; including the coring of the Goldwyer Formation.

"Blowout preventer (BOP) testing, BOP drills and the pre-spud meeting have been conducted prior to drilling a 9 5/8 inch surface casing shoe," Key confirmed in its disclosure. 

Key's Managing Director, Kane Marshall, added in the disclosure that he was pleased that the company had managed to avoid delays associated with Tropical Cyclone Narelle.

The Cyrene-1 exploration well aims at targeting the Willara and Goldwyer Formations. It has an estimated resource for conventional targets of five million barrels of recoverable oil. Unconventional targets include a 443 foot (135 meter) section within the Goldwyer Formation.

The Goldwyer Formation, according to an April 2011 report by the U.S. Energy Information Administration, has in place some 764 trillion cubic feet (Tcf) of risked gas and 229 tcf of risked recoverable gas.



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