Ann: Cooper Basin Work Program Change, page-2

Key Cooper Basin Pty Ltd (“Key”, a wholly owned subsidiary of Key Petroleum Limited, is pleased to advise that
formal approval for a special amendment to the Authority to Prospect 920 (“ATP 920” and Authority to Prospect
924 (“ATP 924” work programs has been received from the Department of Natural Resources, Mines and Energy,
Queensland (“DNRME”.
Under the approved amended work program Key will predominantly focus on gas exploration of the Permian
reservoirs. Permian reservoir targets in ATP 920 and ATP 924 lie 20 kms west of the Santos operated Mount Howett
and Whanto gas developments and 75 kms west of the Real Energy Corporation operated Tamarama-2 and
Tamarama-3 pilot wells which are currently flowing gas to surface1. Additional work program activities include
pipeline route surveys and environmental impact surveys which Key will undertake with the Queensland
Department of State Development (“DSD” who are responsible for regulating major projects for the State of
Queensland. Working with DSD will assist in fast tracking development of the State of Queensland’s gas resources.
Managing Director, Kane Marshall, stated, “We are delighted to have received DNRME approval of the special
amendments pertaining to ATP 920 and ATP 924. With the revised work program in place we now look forward to
working with the Major Projects Team at the Queensland Department of State Development across this highly
prospective part of the Cooper Eromanga Basin. In the lead up to these approvals Key has undertaken field surveys
of proposed well locations, assessed rig options and identified long lead items in preparation for activities in the
New Year. With a drilling campaign also planned for the Perth Basin the Company will use the remainder of 2018
to ready itself for a sustained period of exploration in 2019 across both basins. A significant inventory of gas
exploration prospects in the Cooper Eromanga Basin has been developed and the revised work program now means
any potential discovery can be fast tracked for development to supply gas to east coast markets.”
Further information on activities the Company has undertaken and additional detail on Permian exploration gas
prospects will be provided in the coming weeks.