Key petroleum update le 29/1/2009 par gg

Source:
http://www.keypetroleum.com/reports/QuarterlyReport31Dec2008andAppendix5B.pdf

résumé

Grace a gg qui a retrouvé le quarterly report de Key Petroleum,
on y apprend le status des différentes juniors:
Ils sont tres interessés par le puit en cours avec Dominion. Ils pensent que ce champs devrait donné du gaz et pétrole. Et vu qu'il est adjacent à leur block sur west songo songo, ca augmente leur "désir de forer"


Ongoing oil and gas exploration in Tanzania is being sustained with a number of international exploration companies progressing their exploration plans. For example, Maurel & Prom have been testing their Minangua-1 wildcat well, after having recently completed their M’Bezi well with a gas find. They are now continuing to drill their Mafi Deep-1 exploration well. Another company, Dominion Petroleum Ltd, has commenced drilling their Mihambia-1 onshore well in the Mandawa licence, adjacent to Key’s West Songo Songo licence and has potential for both oil and gas reserves in the Middle to Lower Jurassic reservoir targets. Should this well prove successful then the potential for oil generation in Key’s West Songo Songo block will be greatly enhanced. Tullow Oil is expected to commence the drilling of the first of its two wells onshore later this quarter in the Lindi and Mtwara licences.

En cours d'exploration pétrolière et gazière en Tanzanie est actuellement soutenu par un certain nombre de sociétés internationales progressent leurs plans d'exploration.

Par exemple, Maurel & Prom ont testé leur Minangua-1 sauvage et, après avoir récemment terminé leur M'Bezi avec un gaz trouver. Ils sont maintenant de continuer à percer leur Mafi Deep-1 puits d'exploration.

Une autre entreprise, Dominion Petroleum Ltd, a commencé leur Mihambia forage onshore-1 et dans la licence de Mandawa, à côté de Key West Songo Songo licence et a le potentiel pour le pétrole et les réserves de gaz du Moyen-à Lower Jurassic réservoir objectifs. Si ce succès prouve bien le risque pour le pétrole génération à Key West de Songo Songo bloc sera grandement améliorée. Tullow Oil devraient commencer le forage du premier de ses deux puits à terre plus tard ce trimestre sur le permis de Mtwara et Lindi.

Thursday, February 5, 2009
KEY Petroleum has high hopes for Tanzanian oil & gas exploration
Key Petroleum has provided an update of work being undertaken in and around the West Songo Songo licence area (Key 50%) and the nearby Nyuni licence area (Key 20%) in offshore Tanzania.

Exploration and development work is rapidly increasing the value of these areas which form a significant part of Key Petroleum’s international asset portfolio. West Songo Songo (WSS) The WSS licence area, between the producing Songo Songo gas field and the Tanzanian coast line, is prospective for Neocomian age hydrocarbon traps similar to those in the nearby Songo Songo and Kiliwani North gas fields.

Based on detailed geological studies since winning the licence in May 2008 KEY now believes the West Songo Songo area has the potential to contain a prospective resource of approximately 735 million barrels (MMbbls) of oil or 1.3 trillion cubic feet (tcf) of gas (combined P10 pre drill estimates).

Key’s WSS licence borders the Mandawa licence area operated by Dominion Petroleum Ltd. Dominion Petroleum Ltd has recently started drilling the Mihambia #1 well which could have important strategic implications for Key. Publicly available reports suggest that the Mihambia #1 well is targeting multiple reservoir targets of between 38 and 244 million barrels. Drilling is expected to take approximately 45 days. If successful this would be Tanzania’s first onshore oil discovery. Key Petroleum believes it has geologically similar targets within its West Songo Songo licence. Highly-regarded French exploration company, Maurel & Prom, has also taken a 50% interest in the Mandawa block.

Nyuni Area Key Petroleum, together with its joint venture partners, own the Kiliwani North gas discovery in the Nyuni area, a potentially valuable source of supply to the domestic and industrial gas markets in Tanzania. Of particular commercial interest to KEY are the potential gas markets in and around Dar es Salaam, the largest city in Tanzania. Dar es Salaam is Tanzania’s richest city and a regionally important economic centre. There is an obvious growing demand for gas from utilities, business and the domestic market and the joint venture continues its negotiations with TPDC (Tanzanian Petroleum Development Corporation) and the Ministry of Energy to bring about a satisfactory commercialization agreement.

Key Petroleum’s CEO/Managing Director, Ken Russell, said, “Tanzania has shown itself to be a good place to do business for Key Petroleum.” “The geological work that our team has been undertaking has provided us with some highly prospective targets in the West Songo Songo licence area.” “Although at an early stage of evaluation these results provide us with a greater level of confidence in our Tanzanian interest”.

“Whilst the Kiliwani North #1 gas find is exciting, there are still a number of steps needed on the way to reaching economic returns from the gas pool. However, Key is confident that progress will occur.” Mr Russell said.

Source

http://www.energycurrent.com/?id=2&storyid=15818

Key's WSS could hold 735 million barrels of oil2/5/2009 7:24:48 PM GMT



WEST PERTH, WESTERN AUSTRALIA: Based on geological studies, Key Petroleum Ltd. (ASX: KEY) believes the West Songo Songo (WSS) area offshore Tanzania has the potential to contain prospective P10 pre-drill resource estimates of approximately 735 million barrels of oil or 1.26 Tcf of gas.



The following table shows the estimates broken down by the various leads in the WSS area:



Key's WSS license area, between the producing Songo Songo gas field and the Tanzanian coast line, is prospective for Neocomian age hydrocarbon traps similar to those in the nearby Songo Songo and Kiliwani North gas fields. The license borders the onshore Mandawa license area operated by Dominion Petroleum Ltd., which recently started drilling the Mihambia No. 1 well. Key said the well could have important strategic implications for the company.



Key said reports suggest that the Mihambia No. 1 well is targeting multiple reservoir targets of between 38 million and 244 million barrels. Drilling is expected to take approximately 45 days. RPS Energy, a multi-disciplinary petroleum industry consultancy, in a competent persons report prepared for Dominion estimated that the Mihambia prospect had mean unrisked resources of 176 million barrels. Key believes it has geologically similar targets within its WSS license.



Key operates the West Songo Songo license with 50 percent interest. Ndovu Resources Ltd., a wholly owned subsidiary of Aminex Plc, holds the remaining 50 percent interest in the license.

Baisse de 2/3 en 1 an


STOCK DASHBOARD: February 05, 2009

Key Petroleum

Price at 3:00 pm: 6.20c

Relative Strength (6 months percentile rank): 17.7

Market capitalisation: $5 million

Turnover volume: 540,578.0

Volume Index (1 is average): 0.9

Turnover value: $33,878

Turnover period: 5 months

Value of $1,000 invested 1 year ago: $376