PROFILE

Key Petroleum Ltd is a publicly listed Australian oil and gas company strategically focussed on pursuing conventional exploration programs in the Cooper Eromanga and North Perth Basins in Australia. The Company has high equity positions and operatorship over the majority of its permit portfolio, with a board and management team focused on exploration programs located near infrastructure and markets for discovered oil and gas.

The current gas energy crisis on the east coast of Australia, and the capacity at the Inland Oil Refinery in Eromanga are the main commercial drivers for Key's asset holding in the Cooper Eromanga Basin in Queensland. Key's assets to the west are located between the Inland and Cook/Cuisinier Oil Fields, with the eastern assets located just north of the Eromanga Oil Refinery.

Key's North Perth Basin assets in Western Australia include WA-481-P located offshore in Commonwealth waters and surrounds the producing Cliff Head Oilfield. Cliff Head oil is produced and tied back to the onshore plant at Arrowsmith from where it is transported to Kwinana Refinery. Several undrilled prospects and leads have been mapped and any future discovery would likely be developed via the Cliff Head facilities. Onshore, Key operates EP437, which contains the Wye-1 gas discovery on trend from the Yardarino and Dongara Gas Fields, the Company has identified several prospects within the area in preparation for future drilling campaigns.

Key has now acquired the onshore Production Licence L7, located adjacent and to the east of EP437. L7 contains the Mount Horner Oilfield and Production Facility. L7 contains a proven producibile oil pool and material exploration upside with newly identified prospectivity along trend from the Mount Horner Oilfield.