Key Petroleum spuds Dunnart-2 well in EP 437, Perth basin

7/14/2014

Key Petroleum spuds Dunnart-2 well in EP 437, Perth basin

NEDLANDS -- Key Petroleum (Australia) Pty Ltd (Key or Company), a wholly owned subsidiary of Key Petroleum Limited, reported that drilling operations at Dunnart-2 exploration well in permit EP 437 in Perth Basin, Western Australia commenced on July 13.

Drilling of the top hole section commenced after the cementing of the cellar well. This was carried out after the mixing of surface hole mud, the mobilization of remaining pipework, offices and casing to site and the completion of earthworks over the last few days.

Drilling operations will continue throughout July with regular announcements including weekly drilling reports to the market. The anticipated time to drill, test and log to Total Depth is expected to be four weeks.

Joint Venture participants in EP 437 are - Key Petroleum Limited (Key Petroleum (Australia) Pty Ltd) (Operator) 43.47%, Rey Resources Limited (Rey Oil and Gas Perth Pty Ltd) 43.47% and Caracal Exploration Pty Limited 13.06%.

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