KEY PETROLEUM LIMITED (ASX: KEY)

Company Overview

KEY PETROLEUM LIMITED (ASX: KEY) pursues upstream oil and gas development opportunities in the Cooper-Eromanga Basin, a key Australian hydrocarbon province.

Core Platform / Asset

Eight Potential Commercial Area applications across ATP 920 and ATP 924 in the Cooper-Eromanga Basin remain under consideration by the Queensland Government. Approval of these PCAs would grant two 15-year permits and establish a long-term foundation for development planning, partner engagement, and funding activities. As at September 2025, the applications are at the decision stage, with approval considered imminent. Upon securing approval, the Company plans to promptly commence technical studies to advance the next phase of development and unlock the full value of these assets.

Commercialisation Pathway

In March 2026, the Company completed a share placement, issuing 1,015,286 fully paid ordinary shares (representing 3% of issued capital), with proceeds allocated to working capital and the ongoing identification and assessment of energy project opportunities. In January 2026, Jujun Zhang was appointed Executive Director, Vice Chairman, and CEO, bringing international resources to support the expansion of both traditional and new energy businesses.

Key Projects & Operations

Discovery Platform / Pipeline

Eight Potential Commercial Area (PCA) applications across ATP 920 and ATP 924 in the Cooper-Eromanga Basin remain under consideration by the Queensland Government at the decision stage as at September 2025. Approval of these PCAs would grant two 15-year permits and establish a long-term foundation for development planning, partner engagement, and funding activities.

An 80.00% operating interest in ATP 920 is held by Key Petroleum Limited via a wholly owned subsidiary, with Pancontinental Oil and Gas NL to earn a 20% participating interest under a Farmin Agreement dated 30 October 2019. In ATP 924, Key Petroleum Limited holds a 75.00% operating interest via a wholly owned subsidiary, with Pancontinental Oil and Gas NL to earn a 25% participating interest in the Ace Area under the same Farmin Agreement.

A preliminary review of potential opportunities in the new energy sector is underway, with solar energy identified as an area of interest. The Company remains at an early-stage assessment phase and may explore opportunities and collaborations in Australia, Asia, and Africa subject to further evaluation.

Validation / Development

No further notifications regarding the PCA applications for ATP 920 and ATP 924 were received during the quarter, with the DNRM system indicating they remain at the decision stage. Upon approval, the Company intends to commence relevant technical studies to support the next stage of development.

Commercialisation / Licensing / Distribution

A share placement completed on 19 March 2026 resulted in the issuance of 1,015,286 fully paid ordinary shares, representing 3% of the Company's issued capital. Funds raised are allocated to working capital requirements and the continued identification and assessment of energy project opportunities.

A successful share issuance in the third quarter of 2025 raised funds for day-to-day operations, with plans for a further share issuance in early 2026 to raise additional capital and seek suitable projects during 2026.

Recent Developments

• May 2026 — Completion of final tranche of placement raising $58,886.59, key Petroleum has fully utilised its 15% placement capacity, raising funds for asset acquisition, development, and working capital.
• Apr 2026 — Completion of $176,659.76 placement to sophisticated investor, provides additional funding for asset acquisition, maintenance, development, and working capital; increases issued capital by approximately 9%.
• Apr 2026 — Key Petroleum completes $176,659.76 placement at $0.058 per share, provides funding for asset acquisition, development, and working capital.
• Mar 2026 — Share placement of 1,015,286 fully paid ordinary shares completed, raised funds for working capital and project assessment.
• Mar 2026 — Placement of 1,015,286 shares completed; second tranche of 4,399,572 shares will not proceed, company raised capital via a placement but was unable to complete the second tranche, potentially impacting funding plans.
• Feb 2026 — Completion of first tranche of placement and update on second tranche, company raised $58,886.59 from first tranche; second tranche for up to $255,975.18 delayed as original subscriber withdrew, but company is seeking alternative investors.
• Feb 2026 — KEY Petroleum announces $314k placement to fund merger preparation and corporate development, strengthens balance sheet and supports strategic initiatives including merger activities.
• Jan 2026 — Appointment of Jujun Zhang as Executive Director, Vice Chairman, and CEO, brings new leadership and potential for expanded business development.

Upcoming Catalysts

Financial Position

Recent Capital Events

• 1 May 2026 – Placement: 1,015,286 fully paid ordinary shares; $0.058 per share; approximately $58,886.59 raised; quoted.
• 29 Apr 2026 – Placement: 3,045,858 fully paid ordinary shares; $0.058 per share; $176,659.76 raised; quoted.
• 19 Mar 2026 – Placement: 1,015,286 fully paid ordinary shares; quoted.
• 26 Feb 2026 – Placement (Tranche 1): 1,015,286 fully paid ordinary shares; $0.058 per share; $58,886.59 raised; quoted.
• 11 Feb 2026 – Placement: 5,414,858 fully paid ordinary shares; $0.058 per share; $314,061.77 raised before costs; quoted.