Ann: Key Petroleum Enters Australian Oil Hunt , page-4

Doing some research on it... From the CalEnergy Website:

"Perth Basin (Australia)
Gas Projects in Development
Since award in November 2004, CalEnergy has been a substantial interest holder in onshore exploration permit EP 437, located approximately 350 kilometers north of the city of Perth. CalEnergy is in the process of acquiring the remaining third-party interest, which will result in CalEnergy holding 100 percent of the permit.

CalEnergy is considering a drilling campaign for one or two wells in late 2010, with the intent being to seek farm in partners for the activity. "

Interesting they term it as a 'gas' project. Does this mean that the 400bls a day might be 'equivalent'? Or is it actually prospective for oil as well?