From iHub: These permits are in Australia. Key Petroleum...

From iHub:

These permits are in Australia.

Key Petroleum (ASX:KEY) has executed a sales agreement to acquire interests in three oil and gas licences in the Canning Basin, Western Australia.

The company is acquiring Pancontinental Oil and Gas (ASXCL) and FAR Limited’s (ASX:FAR) interests in Exploration Permit 104, Retention Lease R1 and Production Licence L15.

This will increase Key’s interest in EP 104 to 89.23%, L15 to 85.4% and R1 to 85.23%.

Key will assume all rights, obligations and liabilities associated with the assignment of their interests in the three permits.

In addition, Pancontinental and FAR have agreed to pay the company $50,000 cash each.