Key in Talks for More Exploration, Development Work in EP437 in Perth Basin

Key Petroleum Limited reported Thursday that since its last drilling report in respect of Dunnart-2 well, Key, as the Operator of EP437 in Western Australia's Perth Basin, has conducted preliminary interpretations of formation data from Dunnart-2 and secured and tidied the wellsite location.

Preliminary interpretations have indicated that it is likely that an invasion of drilling fluids during the testing operation component of Dunnart-2 occurred into the top porous Bookara sandstones and resulted in a mixed recovery of mud filtrate, formation water and oil emulsion during wireline sampling operations.

Oil shows over a 65 foot (20 meter) interval down into the granite basement were observed during the wellsite evaluation. Preliminary interpretations from wireline formation data indicate that there is a minimum of 16.4 feet (5 meters) of good quality reservoir sand development at the top of this Bookara sequence that is thought to be oil bearing. These interpretations are in line with assumptions used to determine previously announced prospective resource volumes.

Based on the results to date, the EP437 Joint Venture has agreed in principle to production test Dunnart-2 Bookara sequence, the Operator is now in discussions with parties for further exploration and development activities including drilling up to three prospects in EP437. These prospects could include Conder South, Wye Knot and potentially other areas in the north of the permit. The Operator is now re-mapping EP437 in light of Dunnart-2 results to rank prospects by size and risk and determine which of these prospects are the most mature to be drilled in such a campaign.

Discussions are also ongoing as to whether Dunnart-2 production testing is carried out in the short term or as part of an exploration campaign using a fit for purpose smaller rig that can drill exploration wells and run production completions.

The market will be fully informed as future operational activities in EP437 are determined.


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