Worth a hold these. Sov. risk huge O/S IMO so I look at these as a sort of insurance policy after gold of course, plus the ground looks promising but I'm no oiler.
"EP437 - Perth Basin, Western Australia Key Petroleum Limited (via wholly owned subsidiary) (Operator) 43.47% Rey Resources Limited (via wholly owned subsidiary) 43.47% Pilot Energy Limited 13.06% Key has progressed its planning for the proposed Wye Knot-1 well including: A long lead and well planning authority for expenditure for wellheads, tubulars, materials and other ancillary equipment has been issued to the joint venture and been duly executed; The tendering process for contractors and other project management services has commenced; Preliminary documentation for the approval of the drilling activity has been prepared which includes generic safety management system and environment plan documentation. Formal lodgement of approval documents will be submitted after the tendering process for contractors has been completed; and A preferred Wye Knot-1 well location has been chosen to minimise disturbance and environmental footprint but other well locations are also being considered and discussions with a number of landowners in the area are currently being undertaken. The Wye Knot oil prospect is located down-dip from the Wye-1 gas discovery, drilled in 1996 at the crest of a four-way dip closed structure that benefits from additional closure via faulting to the northeast and northwest. Wye-1 tested gas at commercial rates from two good quality reservoirs, with the Bookara and the Arranoo sandstone reservoirs flowing 4.4MMscf per day and 2.5MMscf per day, respectively. Neither of the reservoirs exhibited a water leg and both exhibited good, live oil shows during drilling. The presence of oil shows indicates that the reservoirs were originally oil-filled at the Wye location, with the oil being displaced to a down-dip rim by subsequent gas migration in to the crest of the structure. This dual-charge model is evident elsewhere within the north Perth Basin, including at the nearby Dongara gas field, where the Dongara-8 well produced at an initial rate of 8000 barrels of oil per day from an oil rim. The Wye Knot-1 well to test the Wye Knot Prospect is planned to be positioned at a step out distance sufficient enough to investigate the potential for an oil leg below the gas pay encountered in Wye-1 in the Triassic Bookara and Arranoo sands but also sufficiently test the potential of the Permian sequence which was not fully intersected at Wye-1.
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