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Red Sky Energy’s (ASX:ROG) outlines 1228pc increase in PIIP at Killanoola to 93 million barrels

ASX News, Energy
ASX:ROG      MCAP $59.64M
05 May 2022 11:24 (AEDT)

Successful inspection of a pump at Killanoola. Source: Red Sky Energy

Red Sky Energy (ROG) has released key findings from the latest report by Global Resources & Infrastructure (GRI) on the discovered Petroleum Initially In Place (PIIP) at the Killanoola Oil Project in South Australia.

The report showed the project had a low estimate of 57.2 million barrels of oil (mmbbls) and a best estimate of 93 mmbbls, a 1228 per cent increase from the last PIIP report in April 2021.

There is a potential to increase to high volumes of 98.6 mmbbls, a 614 per cent increase from last year.

The results received are a significant increase from the previous best estimate of seven mmbbls PIIP.

The newly estimated discovered PIIP values take into account the additional net pay identified in the wells Killanoola SE-1 and Killanoola-1 DW-1 on top of the 16 identified in SE-1.

“The GRI analysis results have helped us identify potential additional resources and allows us to continue the planning for the eventual comprehensive Killanoola full field development,” Managing Director Andrew Knox said.

First discovered in 1998, the Killanoola oil field was identified by the Killanoola-1 well at a depth of 850 metres.

Red Sky has advised that previous flow tests have recorded rates of up to 300 barrels of oil per day.

In 2011, the second well Killanoola Southeast-1 was drilled within the PRL-13 area and discovered oil.

The company is now working on a market for the crude and planning has commenced to contract a rig and for the wireline perforation of the additional zones of interest identified at both DW1 and SE1.

Red Sky Energy shares held steady at 0.5 cents as of 9:56 am AEST.

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