A bit more detail on Keys Ground in Canning. Key bought out 100%...

A bit more detail on Keys Ground in Canning. Key bought out 100% of Gulliver Productions from EGO (Empire) which had 5 licenses in the Canning Basin.

The five Petroleum Permits held by Gulliver are:

o Exploration Permit EP 104 (14.8% interest), located near Derby WA

o Retention Licence RL 1 (14.8% interest), contains wells with untested or undeveloped oil and gas discoveries and is located adjacent and on trend to Buru’s Valhalla gas discovery.

o Production Licence L 15 (49.0% interest), contains the West Kora oil field which has potential for recommencement of oil production following a workover to isolate water production in the well.

o Exploration Permit EP 438 (76% interest, reducing to 20% upon completion of free carry). Buru is currently earning a 70% interest by sole funding expenditure of $3 million which includes a seismic survey and the drilling of an
exploration well in 2012. Gulliver is therefore being free carried through an exciting exploration programme with large upside potential.

o Exploration Permit EP 448 (70.0% interest). This permit is located in the southern part of the basin where other companies have committed large exploration programmes in the search for shale gas reserves.