Key Petroleum to Raise Funds for Cyrene-1 Exploration Well
Key Petroleum will raise up to A$3 million through placement to professional and sophisticated investors to fund the upcoming Cyrene-1 exploration well in the Canning Basin.
Cyrene-1 targets the conventional Willara Formation shallow oil play that could hold 5 million barrels of recoverable oil and the unconventional Goldwyer Shale. The well in EP 438 is expected to spud in August/September by operator Buru Energy, Proactive Investors Australia has reported.
Buru Energy and Key Petroleum will cut a core through the Goldwyer Shale to assess the unconventional oil potential of this play prior to drilling through the target Willara Formation to test for the presence of any moveable oil.
The liquids rich Goldwyer Shale, which is present in large areas of the Canning Basin and the target of New Standard Energy’s 3 well drilling program with ConocoPhillips, is believed to have attractive economic parameters that are similar to the North American Bakken and the Eagle Ford shales.