gotta love this announcement todaystep 1 underway for possible...

gotta love this announcement today
step 1 underway for possible rerating

Buru and Mitsubishi partnering with little old key


RE: EP438 –CYRENE-1 UPDATE
We attach herewith an ASX Announcement for Investors regarding activities on the drilling of commitment well Cyrene-1 on EP 438.
The relevant interests after the drilling of Cyrene-1 will be as follows:
Buru Energy Limited 37.5%
Mitsubishi Corporation (Diamond Resources (Canning) Pty Ltd) 37.5%
Key Petroleum Ltd (Gulliver Productions Pty Ltd) 20.0%
Indigo Oil Pty Ltd 5.0%




Managing Director Kane Marshall said the spudding of Cyrene-1 and Key’s exploration in the Canning Basin marks a turning point for the Company as it moves in line with its new strategic direction focussing on Australian-based exploration.


Once the Cyrene-1 well is spud, a surface hole will be drilled to approximately 175 metres with 9 5/8” casing run and cemented. Operations will cease during the Christmas period and commence in early January where drilling will resume until Total Depth (TD) is reached. This will lead to significant capital savings and ensures appropriate personnel are available during the critical coring and testing operations


, Key, with the support of the EP 438 Joint Venture, has taken the necessary measures to ensure that the Cyrene-1 commitment well is drilled. Drilling the surface hole prior to Christmas and mobilising all operational personnel to site after Christmas ensures we not only drill the well in a cost effective manner but are appropriately resourced during the critical components of the well program. These steps are critical for maximising shareholder value and ensure that the venture retains the EP 438 permit in good standing. It is a significant achievement that within three months Key has not only assumed operatorship from Buru for the purpose of drilling Cyrene-1 but also secured a rig and obtained the relevant approvals to undertake this exploration campaign'


timing for newsflow will be awhile unless it sees some obl type action in meantime
well done key