Key Petroleum Buys Stake in Two Canning Basin Permits

Key Petroleum has signed an agreement stakes in two oil and gas permits in onshore Canning Basin from Emerald Oil and Gas.

In Emerald’s Exploration Permit 104, Key has acquired a 24.98% interest while in Retention Lease 1 Key has acquired a 14.17% stake.

The outgo for Key has been $50,000 in cash and 4 million Key shares.

Following the acquisition Key will have a 41.42% interest in EP104 and 30.61% stake in R1.