- Key Energy makes “staggering” gas discovery at Perth Basin
- A 97 metre gas column was identified, alongside “high quality clean porous sand units”
- New targets has been identified by Key at its Perth Basin Holdings, and a 3D seismic survey has been planned for Mount Horner
- Key’s share price boomed 42.86 per cent today, sitting at $0.010, as of Friday’s market close
Key Energy‘s new gas discovery at Perth Basin has been described as “staggering” by the company.
Shareholders responded favourably to the news, raising Key’s share price over 40 per cent today.
The impressive find identified a 97 metre gas column and a number of “high quality clean porous sand units”.
According to the company, recent testing of offshore and onshore wells at Perth Basin are highly prospective.
Several targets have been identified, which follow on from testing done by previous operators that were never followed up.
Targets which fall under the Mount Horner oilfield will be prioritised. So far, Mount Horner has produced over 1.7 million barrels of oil.
A 3D seismic survey has been planned for Mount Horner, which is expected to increase resource potential in the area.
Key has three areas it holds in the Perth Basin: EP437, L7 and WA-481-P.
Key’s share price boomed 42.86 per cent today, sitting at $0.010, as of Friday’s market close.