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KEY PETROLEUM LIMITED

ASX: KEY

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Key Petroleum Ltd is a Perth based, ASX listed Australian Company (ASX code: KEY) that is internationally focused, securing assets in Australia, England, Tanzania, Italy, and Suriname.

The Company has taken advantage of international petroleum opportunities identified by its technical and corporate team over the last few years and continues to search for quality producing assets, in proven oil and gas regions and where early exploration opportunities have already been identified.

In 2010 Key Petroleum joined the hunt for domestic oil in Australia by participating in a two well onshore drilling campaign in permit EP 437 in the North Perth Basin and is earning a 45% interest in the permit. The North Perth Basin is a known hydrocarbon province and has seen considerable success for a number of companies.

In late 2009 Key commenced a programme of upgrading its newly acquired oilfields in Southern England. This work is designed to specifically improve oil production and subsequently sales of produced oil.

Key Petroleum is also involved in oil and gas exploration and development projects in Tanzania where it has two interests, Nyuni and West Songo Songo. In the Nyuni block, Key holds a 20% interest. It is the location of the 40 mmscf/day Kiliwani North #1 gas discovery well and the newly identified Kiliwani North Gas Field. Key holds a 50% interest in the West Songo Songo Block, is the Operator and is currently developing prospects and leads for future exploration drilling.

Key has further interests in both on and offshore areas of Italy where it holds through its Italian subsidiary Puma Petroleum S.r.L a 100% ownership of the Borsano Permit, north of Milan and application areas close to Lampedusa Island (d341 C.R-PU & d342 C.R-PU), West Sardinia Island (d90 E.R-PU) and the Island of Elba (d91 E.R-PU).

In Suriname, an established oil producing area in South America, it indirectly holds a free carried interest in 2 onshore blocks; Uitkijk where the state oil company, Staatsolie Maatschappij Suriname MV recently announced that significant hydrocarbons with potential for a field of some 7 million barrels reserves have been found during the exploration phase of the project and the Coronie block, where drilling has now been rescheduled to commence in the coming months once rig repairs have been completed. There is potential for 15 wells to be drilled in this prospective block.

Mine For

oil, gas

Location of operation(s)

Australia, England, Tanzania, Italy, Suriname

Address

Ground Floor, 20 Kings Park Road
WEST PERTH, WA, AUSTRALIA

Phone

+61 (08) 9389 2111

Email

Website


Last Updated

20/12/2011

 

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.