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KEY PETROLEUM LIMITED - ASX: KEY
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Description
Key Petroleum is managed by internationally experienced oil and gas professionals and has gained entry into low exploration risk prospects in prospective aras located in politically stable countries.
ENGLAND
The two producing oilfields, 100% owned and operated by Key Petroleum Weald Basin Ltd, are the Brockham and the Lidsey Oil Fields. Both fields are only partially developed and are located in the oil prone Weald Basin. Oil currently produced from both fields is trucked and sold into the nearby BP Hamble receiving facility at Southampton. These fields currently produce approximately 85 bbls of oil per day (bopd), but Key Petroleum believes there is potential for increased production from these fields through innovative drilling and workovers.
ONSHORE ITALY - Borsana (Key 100%)
The Company continues to evaluate this onshore area. A drilling proposal has been prepared and reviewed by the Company’s Italian operations team. Key Petroleum is also working with its Italian consultants and the relevant governmental departments to develop a drilling location and to put in place the necessary approvals required complying with local requirements.
OFFSHORE ITALY (Key 100%)
The Italian offshore projects owned by Key’s, Puma Petroleum S.r.L, are being prepared for exploration drilling and possible farmout. Key holds a 100% interest in the 4 exploration permit applications, being 2 permits offshore from the island of Lampedusa and 2 others referred to as West Sardinia and Elba South. These Italian offshore areas are located in geologically prospective areas. Lampedusa is the furthest southern Italian land point in the Mediterranean Sea, providing Key with 2 permits, in shallow water depths and covering an area of approximately 1,375.45 sq km. These areas are adjacent to Tunisian territory, where there are a number of producing oil fields.
The West Sardinia application permit comprises approximately 683 sq. kms and covers the prospective offshore extension to the Campidano Graben. The primary play in the area is envisaged to be gas within Pliocene and Miocene sandstones trapped in titled fault blocks. Elba South has 2 wells within the permit application area of 643 sq. kms, both of which have demonstrated gas shows. The primary objective is for gas and possibly oil within the Mesozoic carbonates.
TANZANIA
Key and the other joint venture participants in the Nyuni block have a right of access to these relatively new facilities and pipeline through the terms of the Production Sharing Agreement (PSA) in place with the Government's Tanzanian Petroleum Development Corporation (TPDC). The Nyuni Joint Venture conducted a transitional seismic survey in 2006/07 that assisted in determining the locations for 2 exploration wells drilled in the 1,300 sq km Nyuni Block. Drilling commenced in the fourth quarter of 2007. Key Petroleum was rewarded with success, earlier in 2008, when the second well, Kiliwani North #1 discovered a 60m gas column in a separate accumulation to that producing at Songo Songo. Importantly, for Key Petroleum whose main aim is to grow, this success can be commercialised relatively quickly due to its close proximity to the Songo Songo gas processing facilities only 3.5 km away.
West Songo Songo
Key Petroleum has also expanded its presence in Tanzania by recently entering into a Product Sharing Agreement (PSA) with Tanzanian Petrolium Development Corporation for the area directly to the west of the producing Songo Songo Gas Field known as "West Songo Songo". Key is the designated Operator of the block and is in a 50/50 joint venture with Aminex plc, the UK listed company who is the Operator of the Nyuni block, directly to the east of the Songo Songo Gas Field.
SURINAME
Key, through its 50% shareholding in Portsea Oil and Gas Pty Ltd owns a net 1.75% interest in 2 prospective onshore exploration blocks, Coronie to the west and Uitkijk to the east.
Mine For
oil, gas
Location of operation(s)
Italy, Suriname, United Kingdom, Tanzania
Address
Level 1, 14 Outram St
WEST PERTH, WA, AUSTRALIA
Phone
(61 8) 9327 3500
Website
Last Updated
6/08/2008
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.