Key Petroleum holds a 40% working interest in exploration permit...

Key Petroleum holds a 40% working interest in exploration permit WA-481-P, located within the offshore extension of the Northern Perth Basin. [Pilot Energy holds the other 60% and is the Operator]
WA-481-P covers a very large area over the offshore extension of the Northern Perth Basin, on trend with numerous oil and gas discoveries. The primary petroleum plays are for oil and/or gas within the Dongara Sandstone and the Irwin River Coal Measures. Both oil and gas are proven within the permit, with the Frankland gas and the Dunsborough oil discoveries representing 2C contingent resources of 39 Bcf gas and 5.4 MMBbls oil respectively.
WA-481-P is well covered by both 3D and 2D seismic data, which confirms the presence of fourteen structural prospects across a variety of geological plays, three of which have been identified as priority targets for future exploration.
AWE has an option to farm-in to 20% of WA-481-P. That would be an AWEsome injection of expertise and capital and could see some drilling taking place.