Sunnyq, was just amount to mention KEY, found this interesting tid-bit out of their quarterly
"Key, on behalf of the EP 448 Joint Venture, are negotiating with potential farmin groups to progress exploration within the EP448,Permit in the Canning Basin. The recently announced total farmin by Conoco Philips with New Standard Energy Limited where Conoco Philips are to provide 100% of exploration funding of up to US$109.5 million to explore the Goldwyer Formation in the Canning Basin for Shale Oil/Shale Gas has demonstrated the potential of the Canning Basin and in particular, the relatively shallow Ordovician aged Goldwyer Formation reservoir objectives and the carbonate reservoirs of the Nita Formation. Within the EP 448 permit, one of the primary potential reservoir objectives is the Nita Formation sealed by the thick red bed and salt sequences of the basal Carribuddy Group and underlain by the Goldwyer Formation. This part of the Canning Basin has rich oil source rocks of the Goldwyer Formation which are considered some of the richest source rocks in Western Australia."
seems KEY and partners could be on the verge of negotiating a significant farmout in the Canning Basin, that would certainly set the share price alight given current sentiment.
looking at the chart a break above 3c will be significant and could lead to a charge to between 4.5-5c.
