Key Petroleum

Shares / Stock Code

KEY

Stock Exchange / Sharemarket

Australian Securities Exchange

Key Petroleum (KEY) is internationally focused on securing assets in England, Tanzania, Italy and Suriname. The Company has taken advantage of international petroleum opportunities identified by its technical and corporate team over the last few years and continues to search for quality producing assets, in proven oil and gas regions and where early exploration opportunities have already been identified.

In late 2009 Key commenced a programme of upgrading its newly acquired oilfields in Southern England. This work is designed to specifically improve oil production and subsequently sales of produced oil. KEY was listed on Australian stockmarket (ASX) on 26 April, 2007.

Key Petroleum is also involved in oil and gas exploration and development projects in Tanzania where it has two interests, Nyuni and West Songo Songo. In the Nyuni block, Key holds a 20% interest. It is the location of the 40 mmscf/day Kiliwani North #1 gas discovery well and the newly identified Kiliwani North Gas Field. Key holds a 50% interest in the West Songo Songo Block, is the Operator and is currently developing prospects and leads for future exploration drilling.

Key has further interests in both on and offshore areas of Italy where it holds through its Italian subsidiary Puma Petroleum S.r.L a 100% ownership of the Borsano Permit, north of Milan and application areas close to Lampedusa Island (d341 C.R-PU & d342 C.R-PU), West Sardinia Island (d90 E.R-PU) and the Island of Elba (d91 E.R-PU).

In Suriname, an established oil producing area in South America, it indirectly holds a free carried interest in 2 onshore blocks; Uitkijk where the state oil company, Staatsolie Maatschappij Suriname MV recently announced that significant hydrocarbons with potential for a field of some 7 million barrels reserves have been found during the exploration phase of the project and the Coronie block, where drilling has now been rescheduled to commence in the coming months once rig repairs have been completed. There is potential for 15 wells to be drilled in this prospective block.

Key Petroleum Products and Services

  • Exploration for petroleum

Key Petroleum Locations and Subsidiaries

KEY Petroleum Head Office
23 Altona Street,
WEST PERTH, WA, AUSTRALIA, 6005
Phone: (08) 9327 3500
Fax: (08) 9327 3510

Key Petroleum Share Price

Submitted by ASX Listed Company on 10 May, 2010 - 05:01

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