Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015drilling progress report● Neutral
Senagi 1 is coring at 904 m. The Laurel carbonate top was at about 829 m, with a thin vuggy interval showing oil, but the shows are interpreted as residual. Coring continues toward the deeper Nullara target.
22 Oct 2015drilling progress report● Neutral
Victory 1 hit complete lost circulation at 1,945 m, similar to the Ungani Dolomite elsewhere, and was at 1,976 m. Mudgas and minor fluorescence were seen above the zone, but whether hydrocarbons exist below cannot be determined yet.
22 Oct 2015drilling progress report● Neutral
Senagi 1 reached 377 m with 7-inch casing cemented, and is preparing to drill the next section. No hydrocarbon indications, none expected at this depth.
15 Oct 2015drilling progress report● Neutral
Victory 1: 5.5-inch casing was cemented at 1,893 m, but mechanical issues with the casing are being fixed, taking at least three more days. Drilling into the main targets then resumes. No hydrocarbon indications, none expected yet. Rey pays 16.67%.
15 Oct 2015drilling spud▲ GoodMajor
Buru spudded Senagi 1 in EP458 on 15 October, planned to reach 1,200 m in about 28 days. It targets the updip extension of oil-stained reservoirs seen in an old mineral well. Rey holds 25%, paying 16.67%. This is the second Fitzroy well, as planned.
8 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,893 m and casing is being run before drilling into the main targets. Minor shows were noted in tight Grant Formation sands, with significance to be evaluated after completion.
1 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,830 m. The 5.5-inch casing point was revised to about 1,900 m for operational reasons. No hydrocarbon indications.
24 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,277 m, drilling ahead toward a section depth of about 1,600 m. No hydrocarbon indications reported, none expected at this depth.
17 Sept 2015drilling progress report● Neutral
Victory 1 drilled to 1,020 m and 7-inch casing was cemented at 1,018 m. No hydrocarbon indications yet, and none were expected at this stage.
9 Sept 2015drilling spud▲ GoodMajor
Buru spudded Victory 1 on 9 September in EP457, targeting a maximum 2,600 m depth in about 34 days. Rey holds 25% equity and pays 16.67%. Gross best-estimate prospective resource is 40 million barrels, unrisked.
9 Sept 2015drilling spud▲ Good
Rey confirms Victory 1 has spudded, with a 25% interest and 16.7% cost share. Its economic best estimate is 10 million barrels (low 1.75, high 24.5), unrisked prospective. Senagi-1 in EP458 is now planned for October 2015.
9 June 2015drilling result▼ BadMajor
Dunnart-2 testing is complete and no commercial hydrocarbons flowed to surface. The well is decommissioned and the rig released. This ends the long-running Dunnart-2 flow test thread; Key still sees EP437 as prospective and is discussing Conder South and Wye Knot wells.
5 June 2015drilling progress report● Neutral
Dunnart-2 casing scraper run done; crews were running perforating guns and completion tubing on 4 June. Perforating and testing of 12 m of Bookara Sandstone follows. No test result yet.
2 June 2015drilling progress report● Neutral
Completion work began at Dunnart-2 after blowout preventer testing. Crews are running tubing before the flow test, expected in a few days.
28 May 2015drilling progress report● Neutral
All rig equipment and completion gear has reached Dunnart-2. Perforation and the flow test are expected shortly after rig-up finishes.
21 May 2015drilling progress report● Neutral
Rig 6 arrived at the Dunnart-2 site on 20 May. Rig-up is under way and testing is expected to start toward the end of the following week.
12 May 2015drilling progress report▼ Bad
The Dunnart-2 rig is completing upgrades after inspection and is now expected on site the week of 18 May 2015. Another slip from the April target.
21 Apr 2015drilling progress report● Neutral
All approvals for the Dunnart-2 test are now in hand and equipment is in Perth. The rig is to be inspected and mobilised within about three weeks. Key is also talking to rig contractors about a wider campaign.
11 Mar 2015drilling scheduled● Neutral
Key now plans the Dunnart-2 production test for around mid-April 2015, slipping from its late-February aim, still subject to final regulator approvals. A 12 m interval (614-626 m) will be perforated. Key also maps at least 10 undrilled EP437 prospects and leads.
23 Dec 2014drilling scheduled▲ Good
Key has tendered for the Dunnart-2 production test, with three suitable completion rigs identified. About 5 m of net pay would be perforated in a roughly one-week test, aimed at late February 2015, subject to regulatory approvals.
28 Oct 2014resource reserve update● Neutral
Duchess Paradise P1-seam coal resources and reserves were restated under the 2012 JORC Code: 305.8 Mt resource and 26.3 Mt reserve (17.8 Mt marketable). The figures are unchanged from 2011, and no mining has occurred.
2 Oct 2014drilling result▲ GoodMajor
Key, as operator, says Dunnart-2 logs show at least 5 m of good reservoir sand likely oil-bearing, with drilling fluid invasion mixing the samples. The joint venture agreed in principle to production test it, subject to budget and approvals, and is weighing up to three more prospects.
1 Sept 2014drilling result● NeutralMajor
Dunnart-2 is cased to 657 m and suspended, and the rig released, ready for production testing subject to approval. Only two small 50cc fluid samples were recovered before a tool failure. The joint venture will decide next steps after evaluation.
27 Aug 2014drilling result▲ Good
Preliminary logs suggest reservoir-quality sand at the top of the Bookara, and approval was received to suspend Dunnart-2 with 7-inch casing. The joint venture will decide whether production testing is warranted. No more daily reports will be issued.
26 Aug 2014drilling progress report● Neutral
Wireline logs were run and are being interpreted, with results from the formation tester still to be integrated. Key has applied to suspend the well with 7-inch casing for possible later production testing. No conclusion on pay yet.
22 Aug 2014drilling progress report▲ Good
After cleaning the hole, Dunnart-2 drilled 11 m more of Bookara Sandstone to 627 m, finding further fluorescence and oil shows. A second drill stem test over 614-627 m is being prepared.
21 Aug 2014drilling progress report● Neutral
The first drill stem test over 614-616.87 m may have misrun or plugged, as fill was noted in the hole. The joint venture is weighing a re-run or drilling deeper first. No flow result yet.
20 Aug 2014drilling result▲ GoodMajor
Dunnart-2 hit the Bookara Sandstone at 614 m and found live light oil (preliminary 34° API) in the first 2.87 m drilled. Rey (43.47%) now awaits a drill stem test to confirm the oil is recoverable. This is the first oil sign from the well.
19 Aug 2014drilling progress report▲ Good
Dunnart-2 drilled to 612 m, with two gas shows about ten times background in the Kockatea Shale (Arranoo Sandstone) at roughly 529-531 m. The Bookara Sandstone target is predicted at 616 m, so the main result is close.
18 Aug 2014drilling progress report▲ Good
Dunnart-2 has drilled to 496 m and met an encouraging wet gas show at 460-475 m in coal, several times higher than at Dunnart-1. That interval is not reservoir rock. The Bookara target at about 617 m is next, then a drill stem test.
