Not quite the news everyone was waiting for, but positive...

Not quite the news everyone was waiting for, but positive nevertheless .....

1.75% of 7 mmboreserves (122K barrels) ... every little bit helps!! (probably worth $500K in the ground)

KEY holds 1.75% (via Portsea NL) of the Uitkyk and Conronie blocks in Suriname. Tullow (40%) is the operator and the Suriname NOC (Staatsolie) via Paradise Oil holds the balance.

Tullow drilled 5 wells in the Uitkyk block late 2008/early 2009. The results were not released (I assume they were tight holes). Five wells in Coronie are scheduled to commence this month. (Sept 2009)

The Staatsolie 2009 half yearly report references the completed Uitkyk 5 well drilling campaign and the upcoming 5 well Coronie drilling campaign and states that:

http://www.staatsolie.com/pdf/semi_annual%20_report_2009.pdf...

"... The preparations for the execution of Paradise Oil Company's, (POC) - a wholly-owned Staatsolie subsidiary - exploration onshore drilling programme in Coronie are on schedule. In January phase one (1) of the Uitkijk Block exploration program was finalized with the drilling of the last three (3) wells. A total of ten (10) wells were drilled within this program. All ten (10) wells showed good oil indications and preliminary estimates indicated a potential field of seven (7) million barrels reserves. The five (5) wells scheduled for 2009 by paradise Oil Company and its joint venture partner Tiullow Oil, in the Coronie Block, will be drilled in September 2009. if the results are promising the second phase will begin with a minimum of ten (10) wells..."

Regards
G