cyrene #1 delayed, page-17

For those that haven't read the interview the following excerpt is the relevant part for KEY shareholders:


Cyrene-1 is a very exciting well for us. Not only does it have a conventional oil target, but it is also testing the unconventional potential of the Goldwyer Shale where it is interpreted to be in the oil window. While it is early days, the Goldwyer Shale has the potential to be a very sizeable oil play on our acreage. On that basis we are committed to drilling the well this year.

Obviously, we will not now be drilling the well with Rig #7, so we are looking very hard at whether we will be able to bring another rig into the Canning in time to drill this well this year. If we can’t make this work the current plan is to drill Cyrene with Ensign Rig #32 later this year. The Cyrene well location is accessible during the wet so we do have a bit of flexibility around timing on this, but our preference is to get it down as soon as we can.

We are also looking at the rest of the program for the year, as we can drill wells at Yulleroo and Ungani and a number of other areas during the wet season, so we will be finalising the rest of the year’s program once we work out which rig we will use to drill Cyrene.


Good interview to read in regards to their strong desire to drill Cyrene #1 as soon as possible.

With NSE's Nicolay #1 drilling nearby and Waugh #1 in EP437 being drilled in the near future it looks like we'll finally get some drill bit action happening for KEY.