Key Petroleum Outlines Canning Basin Drilling Strategy

Key Petroleum has announced its strategy of drilling, exploring and testing the portfolio of prospects in the Canning Basin, Western Australia.

The company will map and identify additional drillable Carboniferous aged gas plays associated within the Anderson Formation in permits R1 and EP 104. This includes testing of the Stokes Bay -1 well to prove gas reserves from a contingent gas resource status and also re-evaluating the Point Torment-1 gas discovery that flowed on drill stem test 4.2 million cubic feet of gas per day.

The plan also includes restoring oil production from the West Kora-1 well and understand the additional Carboniferous oil and gas play types within the L15 production licence and identify additional Ordovician aged  oil play opportunities in EP438 where operator Buru Energy has recently completed 2D seismic and is planning to drill the Cyrene-1 exploration well.

The company is in talks to bring in a new partner to EP 448 where it has been mapping the interpretation of existing seismic; collating geophysical data; and carrying out further technical work to unlock the potential of the Goldwyer shale there.

Key had last month raised A$1 million through a private placement of shares to carry out exploration in the onshore Canning Basin, Western Australia.