Key Petroleum Limited is pleased to advise that all conditions...

Key Petroleum Limited is pleased to advise that all conditions precedent contained in the Sale and Purchase
Agreement (“SPA” for the acquisition of Production Licence L7 (R1) by Key Petroleum Limited wholly owned
subsidiary, Key Petroleum (Australia) Pty Ltd (“Key” or the “Company”, from AWE (Perth) Pty Ltd (“AWE” have
now either been met or waived. In accordance with the conditions precedent the Department of Mines, Industry
Regulation and Safety Transfer of Title and execution of Compensation Agreements with the Landowner have also
been finalised.
The original terms of the SPA included:
• An amount of AU$380,000 payable to Key by AWE upon completion of the sale;
• AWE to reimburse Key for L7 rehabilitation costs up to an agreed amount of AU$1.9 million; and
• Key to assume operatorship of L7 and all associated liabilities post completion of the sale.
Completion of the transaction between Key and AWE will take place as at 27 September 2018.
Commenting on the transaction, Managing Director, Kane Marshall stated: “In anticipation of completion the
Company has commenced commercial and strategic initiatives to both reinvigorate the Mount Horner Oil Field and
address the underexplored potential of the mapped Permian and Triassic prospects in our Northern Perth Basin
acreage portfolio. We are very excited about the L7 acquisition and expect Key shareholders to see positive
sentiment around the transaction with the expected capital flow back into the Australian oil and gas sector.”