Key Petroleum Limited provides an update in relation to its Cooper Basin acreage and activities.

• Additional prospects have been identified within the Meeba Project including along trend from the Inland Oilfield, operated by Bridgeport Energy, a subsidiary company of New Hope Corporation. These include the Teddy and Teevee Prospects with Teevee being a lookalike to the Inland Oil Field;
• Prospective resources in all of Key's ATPs are currently being reassessed, integrating the seismic reprocessing from the primary term work commitments and subsequent additional prospects;
• The Tanbar Gas Project Access Agreement is nearing completion with minor revisions being made and execution of documents with the relevant landowner imminent;
• Heritage survey clearance is currently being planned for the Ace-1 well location;
• Rig availability exists in October and November for the drilling of Ace-1 and potentially other prospects in the Tanbar Gas Project area;
• The main access track into the Tanbar Station and Ace-1 well location has now been repaired and is accessible following the floods earlier in the year;
• Key is finalising other drilling participation opportunities with third parties and intends to keep the market fully informed as these matters progress;
• Pancontinental Oil and Gas NL and Key are finalising the Meeba Project Farmout and Joint Operating Agreements; and
• The ATP 783 geochemical survey has been integrated with recently reprocessed seismic to de-risk the Chandos Prospect area with results of the modelling to be released to the market in due course.

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