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Key Petroleum Continues To See Oil Shows At Canning Basin Well

Key Petroleum (ASX: KEY) has observed further oil shows during the second cutting of core from the Goldwyer Shale at its Cyrene-1 exploration well in the onshore Canning Basin.

Total gas averaged 10.1 units over the cored interval and has increased to 14.5 units at 985 metres RT (rotary table) with C5 (condensate) up to 70 parts per million.

The DCA Rig 7 completed the second core barrel of Goldwyer core to 986 metres RT and was running back in the hole with a drill bit to clean out the hole this morning, prior to starting the third coring run to 994 metres RT.

Cyrene-1 had intersected oil shows over a 43 metre interval prior to coring in the lower Grant and Goldwyer Formations from a depth of 915 metres.

The well is being drilled through a 135 metre section within Goldwyer Formation Shales to assess its potential for unconventional hydrocarbons before drilling through the conventional Willara Formation that is estimated to host 5 million barrels of oil.

The well has a planned total depth of 1,060 metres.

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