Key Updates on Drilling at Dunnart-2 Well in EP 437 in Perth Basin

Australia's Key Petroleum Limited reported Monday that since the announcement on July 14, DCA Rig 7 has completed drilling the 17.5 inch conductor hole section at Dunnart-2 exploration well in permit EP 437 in Perth Basin, Western Australia, tripped out the hole and ran the 13.375 inch conductor to approximately 278 feet (85 meters) below rotary table (RT). The conductor has now been cemented and the forward plan at 06:00 this morning was to drill out the 13.375 inch conductor shoe and drill 12.25 inch hole through the Yaragadee Formation into the Cadda Formation to a depth of approximately 984 feet (300 meters) RT.

At 984 feet (300 meters), the 9.625 inch casing will be run in hole and cemented before the blow out preventor (BOP) is nippled up to the well head to allow drilling of the 8.5 inch hole section to the primary Bookara Sandstones at approximately 2,024 feet (617 meters) RT.

The next ASX drilling report will be made on the earlier of a weekly basis or where material disclosure is warranted.

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