Key Petroleum well comes up short

Australia

PERTH, June 9, 2015 – Australian exploration company Key Petroleum announced today that its Dunnart-2 well in Western Australia’s North Perth Basin has failed to produce commercial quantities of oil after completing a testing programme. The well will be decommissioned and the rig sent for work elsewhere.

The well, drilled last year, had oil shows and five metres of good quality reservoir sands. Key Petroleum said it would consider drilling operations in other parts of the EP437 licence at exploration wells called Dunnart-3, Wye-Knot-1, Dunnart North-1, Wye Here-1, Conder South-1 and Wye West-1.

Recoverable oil reserves at Wye-Knot-1 were calculated at between 5 million-14 million barrels.

The company holds a 43.47-percent stake in the licence, along with fellow Australian exploration companies Rey Resources and Caracal Exploration, which hold 43.47-percent and 13.06-percent stakes, respectively.

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