Key Petroleum Updates on Exploration Activities in Canning Basin in WA

Key Petroleum Limited (Key) provided Monday an exploration update on Exploration Permit EP448 (Permit) in addition to the Company’s future exploration programs in the Canning Basin, Western Australia.

EP104 Trend, Canning Basin

Key has held a number of joint venture meetings over recent weeks pertaining to the EP104, R1 and L15 permits to discuss and determine work programs and future workovers as part of the company’s strategic exploration plans in the area.

The Company plans to assess the infrastructure in R1 and L15 during this year’s dry season before the venturers approve any work programs for 2015.

Last year the Company announced the pursuit of increased exploration activity and equity interests in the area in addition to other project synergies with other companies.

Current Exploration Status of EP448, Canning Basin

A two well shallow oil conventional program is planned to be conducted this year in Key’s frontier Canning Basin block, EP448. Drilling is dependent on Native Title approvals and the timing of these approvals before the onset of the wet season.

To date, Key has liaised with the WA Department of Mines and Petroleum (DMP) on its exploration plans and is confident they will grant approvals for vegetation clearance as a result of flora and fauna studies carried out over March and April. Any approvals are subject to heritage clearance and appropriate approvals by the Traditional Owners.

Last month, two proposed well locations, Patterson-1 and Griffiths-1, were surveyed for infrastructure locations and environmentally sensitive areas in parallel to identifying sources of gravel for civil engineering. Proposed drilling pads and an airstrip locations were also inspected.


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