Key Updates on Drilling at Dunnart-2 Well in Permit EP437 in Perth Basin

Key Petroleum Limited revealed Monday that since Drilling Report on Dunnart-2 well in exploration permit EP437, Perth Basin, Western Australia dated July 28, DCA Rig 7 has cemented the 9.625 inch casing at 964.5 feet (294 meter) rotary table (RT) to surface and undertaken rig maintenance to the mud tanks and top drive.

The forward plan in the next week is to complete rig maintenance to the mud tanks and top drive and then nipple up the blow out preventer (BOP) and pressure test the BOP prior to drilling ahead in 8.5 inch hole to the primary Bookara sandstones at approximately 2,024 feet (617 meters) RT, the 8.5 inch hole is only expected to take two to three days to complete.

The drilling contract is a turnkey fixed price contract therefore the Joint Venture does not incur any costs while awaiting completion of rig maintenance.

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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