This article was why key has moved up from 6.5c IMHO.Key...

This article was why key has moved up from 6.5c IMHO.

Key Petroleum (KEY)

SHAREHOLDERS in Perth-based Key Petroleum (ASX:KEY) will be cheering on the Mihambia-1 oil exploration well being drilled by London AIM market-listed Dominion Petroleum in Tanzania.

The well is targeting multiple reservoir targets of between 38 million and 244 million barrels. More to the point for Key is that the licence area borders Key's 50 per cent owned West Songo Songo (WSS) block.

Key reckons geological studies since it picked up the WSS block points to the potential for 735 million barrels of oil and 1.3 trillion cubic feet of gas. That's interesting enough for a stock that closed at 6.5 cents on Friday.

But it will get real interesting for Key should Dominion make a discovery with Mihambia-1 in the bordering acreage.