Key Petroleum Advances PCA Applications for ATP 920 and ATP 924 to Secure Long-Term Asset Tenure

Continued Collaboration with Queensland Government on PCA Approvals

Key Petroleum Limited emphasizes its dedication to advancing the PCA applications for ATP 920 and ATP 924, which remain under review by the Queensland Government. The company maintains consistent engagement with relevant authorities, underscoring the importance of securing these approvals to achieve long-term tenure certainty over its key assets.

These PCA applications are essential to support future exploration and development initiatives. The Board anticipates that obtaining these approvals will enhance Key Petroleum’s strategic flexibility and enable the pursuit of opportunities aligned with its long-term growth objectives. The company remains optimistic about the prospectivity of these permits and is ready to progress development plans upon securing the PCAs.

Capital Strengthened Through Recent Share Placements

In April and May 2026, Key Petroleum successfully completed two share placements, issuing shares that bolstered its financial position. The capital raised is earmarked to provide additional working capital to sustain ongoing operations and advance core exploration activities. This financial reinforcement is crucial as the company evaluates future business opportunities consistent with its strategic vision.

These share placements represent a strategic initiative to ensure adequate resources for navigating the current operational environment. By enhancing its capital base, Key Petroleum is better equipped to engage in exploration and pursue potential new projects that could expand its portfolio. The successful placements reflect strong investor confidence in the company’s strategic direction and operational capabilities.

Strategic Significance of the Cooper Eromanga Basin

Key Petroleum’s primary operations are centered in the Cooper Eromanga Basin, a prominent oil and gas exploration region in Queensland. The company holds substantial interests in two critical permits, ATP 920 and ATP 924, which are integral to its exploration strategy. As operator of these permits, Key Petroleum is well-positioned to capitalize on the basin’s resource potential.

Currently, Key Petroleum holds 100% ownership of ATP 920 and ATP 924, with Pancontinental Oil and Gas NL earning participatory interests through a farmin agreement. This partnership enhances operational capabilities and facilitates shared expertise during exploration. The Cooper Eromanga Basin’s rich hydrocarbon resources make it a key focus for Key Petroleum’s exploration and development efforts.

Upcoming Exploration and Development Initiatives

Looking forward, Key Petroleum plans several key activities in the upcoming quarter. The company will continue proactive engagement with government agencies to expedite PCA application approvals, which remain a top priority to enable further exploration and development within the Cooper Eromanga Basin.

Additionally, Key Petroleum will hold its Annual General Meeting (AGM) next quarter, providing shareholders with updates on company activities and seeking approvals for matters outlined in the Notice of Meeting. The AGM serves as a vital platform for communicating the company’s strategic direction and operational progress to stakeholders.

Assessment of New Petroleum Acreage Opportunities

As part of its long-term growth strategy, Key Petroleum is actively evaluating new petroleum acreage opportunities. The company aims to expand its project portfolio by identifying and applying for additional exploration acreage that aligns with its operational goals. This approach demonstrates Key Petroleum’s commitment to broadening its presence in the oil and gas sector and maintaining competitiveness in a dynamic market.

By pursuing new acreage, Key Petroleum seeks to enhance its resource base and support ongoing exploration efforts. The company remains disciplined in capital allocation and risk management as it explores these opportunities, which are critical for its future growth and sustainability in the evolving energy landscape.

Financial Position and Operational Preparedness

As of the end of the June 2026 quarter, Key Petroleum reported cash reserves of A$239,339.31. This financial standing is vital for managing operational requirements in the coming quarters. The company is confident in meeting these needs while remaining open to additional funding options if necessary. Shareholder support will be key to sustaining operations and pursuing growth initiatives.

Maintaining sufficient working capital is a priority as Key Petroleum advances its strategic objectives. The company is committed to evaluating funding opportunities that align with its operational and exploration plans. This focus on financial stability is essential for effectively executing its long-term strategy and responding to market conditions.

Corporate Governance and Director Remuneration Overview

During the recent quarter, Key Petroleum disclosed payments totaling $32,000 to related parties and their associates, including directors’ fees and consulting fees. This transparency reflects the company’s commitment to good corporate governance practices and operational accountability. These payments correspond to the roles directors play in steering the company’s strategic direction.

Key Petroleum’s governance framework ensures alignment between shareholder interests and operational strategies. The leadership team remains focused on driving growth while adhering to best practices in corporate governance. Maintaining a robust governance structure will be critical to the company’s ongoing success and investor confidence.