Key Petroleum completing first part of Cyrene-1, drilling to resume in January 2013 

(MENAFN - ProactiveInvestors - Australia) Key Petroleum (ASX: KEY) has drilled the surface hole of the Cyrene-1 exploration well in the onshore Canning Basin that targets 5 million barrels of oil.

Cyrene-1 has being drilled to a depth of 191 metres and the choke manifold is currently being rigged up.

Key will then run the flareline and rig it up to the manifold before preparing the well for suspension.

Drilling will resume in January 2013.

Upon restart of operations, all third party contractors and their subsequent equipment will be mobilised and rigged up on the Cyrene-1 location.

This will ensure that operations are conducted in the safest possible manner and that the critical components of the Cyrene-1 project are fully resourced.

Cyrene-1 will be drilled to a total depth of 1060 metres targeting the Willara and Goldwyer Formations.

A 135 metre section of the unconventional Goldwyer Shale, which is the focus of exploration by fellow Canning Basin explorer New Standard Energy (ASX: NSE) and supermajor ConocoPhillips (NYSE: COP), will be cored first.

It will then drill into the conventional Willara Formation that is estimated to host 5 million barrels of oil.