oil across 43m so far, page-42

People are asking about 5m barrel of oil here but no one answers! There is no 5m barrel of conventional oil guys. And some guys are counting on 5m barrel of oil and making calculations of market cap! That's strange.

The target which KEY will test for the 5m barrel of oil is Willara formation and it hasn't been intersected yet. So, don't count on it yet.

The below graphic for the people who want to understand what's happening now.

They are drilling now at the Goldwyer level at 958m. They are coring 54m part of the next section. This is an unconventional play. It gives good oil shows. But those cores need to be analysed in labs and the well needs to be fractured flow tested later on.

TOC levels are unknown at this stage. It will be given by the labs in 2-3 months I think. It was said on KEY's anns. before that it was averaging 1.5-2% but ranging up to 4%, which is anything above 2% is considered as good TOC level. (However averaging 1.5% to 2% is not good!)

From anns. on 13/12/2012;
"The qualities of the Goldwyer which support this concept, apart from thickness and broad distribution, include organic contents frequently averaging 1.5-2% but ranging up to 4% or more,.."

After unconventional Goldwyer formation, Willara formation will be intersected. There is an anticline down there according to the seismic as you can see below. It is considered as a trap reservoir which is a conventional play. You will understand very soon when it is drilled down if there is anything down there or not.