Join our daily newsletter At The Bell to receive exclusive market insights
- Key Petroleum (KEY) has updated the market on its Bookara Shelf Project in the Perth Basin
- The Wye Knot-1 exploration and appraisal well at EP 437 is designed to find oil rim potential at the Wye-1 and Permian High Cliff formation
- All regulatory approvals have been accepted for this drilling, except for the environmental approvals, which are expected to be received shortly
- As a result, the company is expecting to have this well completed by May next year
- Simultaneously, the rig from EP437 will soon be at the L7 prospect to commence an abandonment program at the Mount Horner wells
- Key is down 12.5 per cent on the market today and is selling shares for 0.4 cents each
Key Petroleum (KEY) has updated the market on its Bookara Shelf Project in the Perth Basin.
The Bookara Shelf Project is a 50/50 joint venture with Key and a subsidiary of Triangle Energy (TEG). The company owns the L7 exploration permit and holds a 43.47 per cent holding in EP 437 and 40 per cent in WA-481-P.
Also located in the Perth Basin and near south if the project is Beharra Deep, West Erregulla, and Waitsia gas discoveries.
Key has said that recent discoveries have shown the exciting untapped potential on the up-dip of the Bookara Shelf.
EP437
Key says the drilling could not have come at a better time.
The Wye Knot-1 exploration and appraisal well in EP 437 is designed to find oil rim potential at the Wye-1 and Permian High Cliff formation.
The Prospective Resource has estimated that the deeper Permian Kingia and High Cliff Reservoirs have more than doubled previous category resource estimates on the Bookara Shelf.
All regulatory approvals have been accepted for this drilling except for the environmental approvals, which is expected to be received shortly. The company is expecting to complete this well by May 28, 2021.
L7
The rig from EP437 will soon be at the L7 prospect to commence the abandonment program at the Mount Horner wells. Key says the rig is expected to arrive in the next three weeks.
WA-481-P
For the offshore basin, WA-48-P, the company said a renewal process is in progress.
Recently, the company raised $641,715 in a placement to fund its Perth Basin assets.
Key is down 12.5 per cent on the market today and is selling shares for 0.4 cents each at 11:38 am AEST.
