KEY Petroleum Ltd, through its wholly owned subsidiary Gulliver Productions Pty Ltd, has been granted a Special Prospecting Authority (SPA 20 AO) covering six graticular blocks in the Bilyana Region of the Canning Basin in northern Western Australia.
Gulliver holds three permit areas along the productive oil trend in the northern Canning Basin which sit adjacent to the SPA area. These blocks include Retention Lease R1 which is around the Point Torment gas/condensate discovery, Production Licence L15, which is located around the Kora/West Kora oil fields and Exploration Permit EP104, an exploration permit which is mainly on an offshore extension of this trend
Key said mapping on historic seismic has shown potential Devonian-age source rocks which are interpreted to exist in the southern parts of the SPA area and are thought to be within the oil window.
The company said work in the adjacent EP104, R1 and L15 permit areas has helped identify several leads of which at least two lie on the Point Torment Peninsular.
An airborne electromagnetic survey is planned to be acquired over the offshore component of the Point Torment Peninsular encompassing the SPA. The purpose of the survey is to identify additional prospects and leads in the back reef complex which are not delineated by the current historic 2D seismic.
The SPA remains in force for a period of six months after which time Gulliver is authorised to apply for a petroleum permit in respect of 100% of the SPA area up to October 2017.