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KEY PETROLEUM LIMITED — Capital/Financing Update 2014
Aug 20, 2014
65176_rns_2014-08-20_b897063c-ae31-4846-bd29-fc1961eda48e.pdf
Capital/Financing Update
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Ground Floor 39 Stirling Highway Nedlands WA 6009
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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
21 August 2014
The Manager The Australian Securities Exchange The Announcements Officer Level 4/20 Bridge Street SYDNEY NSW 2000
Dear Sir
DRILLING REPORT NO. 9 FOR DUNNART-2 IN EP437, PERTH BASIN, WESTERN AUSTRALIA FOR THE PERIOD 0600 HOURS 21 AUGUST 2014 TO 0845 HOURS 21 AUGUST 2014
We attach herewith ASX Announcement for Investors regarding the drilling activities at Dunnart-2, EP437, Onshore Perth Basin.
Joint Venture participants in EP437 are:
Key Petroleum Limited (Key Petroleum (Australia) Pty Ltd) (Operator) 43.47% Rey Resources Limited (Rey Oil and Gas Perth Pty Ltd) 43.47% Caracal Exploration Pty Limited 13.06%
Regards
JL KANE MARSHALL Managing Director KEY PETROLEUM LIMITED
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Ground Floor 39 Stirling Highway Nedlands WA 6009
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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
ASX RELEASE
DRILLING REPORT NO. 9 FOR DUNNART-2 IN EP437, PERTH BASIN, WESTERN AUSTRALIA FOR THE PERIOD 0600 HOURS 21 AUGUST 2014 TO 0845 HOURS 21 AUGUST 2014
Key Petroleum Limited (“Key”) advises that since this morning’s disclosure to the ASX, the Drill Stem Test (“DST”) tools have been pulled out of hole and examined for plugging at surface. Key can confirm that the sample chamber and main part of the tool are completely plugged with shale fill from the overlying Kockatea Shale Formation. This confirms the test was invalid.
The forward plan is to run in the hole, circulate bottoms up and either condition the hole for a re-test in clean hole or drill further into the Bookara Sandstone and conduct another test. The market will be kept fully informed of any further developments.
Daily drilling reports to the ASX will continue until all drilling and formation evaluation of Dunnart-2 has been completed.
For more information please contact: Key Petroleum Limited +61 8 6389 0322
JL Kane Marshall Managing Director
21 August 2014
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Ground Floor 39 Stirling Highway Nedlands WA 6009
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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
DUNNART-2 PETROLEUM EXPLORATION WELL EP437 – PERTH BASIN
| 1. | Well Name/Permit: | Dunnart-2 EP437, Perth Basin, Western Australia | Dunnart-2 EP437, Perth Basin, Western Australia | Dunnart-2 EP437, Perth Basin, Western Australia | |
|---|---|---|---|---|---|
| 2. | The Report is for the Period: | 0600 – 21 August 2014 to 0900 – 21 August 2014 | |||
| 3. | This ASX Release Time and Date: | 0845 WST – 21 August 2014 | |||
| 4. | Report No: | Nine | |||
| 5. | Start Date/DCA Rig #7: | 13 July 2014 | |||
| 6. | Days since commencement of drilling operations: |
Thirty nine | |||
| 7. | Locations of the Well: | North Perth Basin | |||
| 8. | Elevation: | GL | 40.96m | ||
| RT from GL (MSL) | 3.5m | ||||
| RT to MSL | 44.46m | ||||
| 9. | Proposed Total Depth: | 670 metres TVD RT | |||
| 10. | Targets: | _Primary:_Bookara Sandstone Formation | |||
| _Secondary:_Basement | |||||
| 11. | Present Depth: | 616.87m RT | |||
| 12. | Geological Summary: | Formation Tops (m RT): | |||
| Prognosed | Actual | Difference | |||
| Yarragadee Sandstone | 82m | 82m | - | ||
| Cadda Formation | 280m | 281m | -1 | ||
| Cattamarra Formation | 325m | 324m | +1 | ||
| Woodada Formation | 484m | 482.5m | +1.5 | ||
| Kockatea Shale | 504m | 503m | +1.0 | ||
| Bookara Sandstone Formation | 615m | 614m | +1 | ||
| Basement | 670m |
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Ground Floor 39 Stirling Highway Nedlands WA 6009
T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
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| 13. | Hydrocarbon Indications: | Oil Shows: At 614m a drilling break was observed over a 1.5m interval (614m – 615.5m). Live light oil was observed and collected. The oil is light and has been evaluated at 34⁰ API. A further 1.37m was drilled with live oil also circulated up. An open hole DST was conducted over this interval in the Bookara Sandstone from 614m - 616.87m but test has confirmed tool was plugged. |
Oil Shows: At 614m a drilling break was observed over a 1.5m interval (614m – 615.5m). Live light oil was observed and collected. The oil is light and has been evaluated at 34⁰ API. A further 1.37m was drilled with live oil also circulated up. An open hole DST was conducted over this interval in the Bookara Sandstone from 614m - 616.87m but test has confirmed tool was plugged. |
|---|---|---|---|
| 14. | Operations since last Report: | DST tools examined and confirmed plugging of test tools. | |
| 15. | Current Operations: | Running in back in hole to circulate and clean hole. | |
| 16. | Future Operations: | Either re-run DST or drill ahead then conduct another DST. | |
| 17. | Prospect Description: | The Dunnart prospect is a well-defined moderate relief fault closed structure with the top seal provided by the proven regional seal, the Kockatea Shale which is the source rock for oil discovered to date in the North Perth Basin. The Bookara Sandstone is middle to upper shoreface sand which laps the south-western margin of the Northampton Block. Dunnart-1 encountered good oil shows in Bookara sands but was never tested or cored. Estimated prospective resources in the best case estimate are 2 million barrels under SPE-PRMS guidelines. |
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| 18. | Participants in the Well: | Key Petroleum (Australia) Pty Ltd (Operator) | 43.47% |
| Rey Oil and Gas Perth Pty Ltd | 43.47% | ||
| Caracal Exploration Pty Ltd | 13.06% |
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