Key Petroleum acquiring interests in Canning Basin oil and gas licences
Key Petroleum () has executed a sales agreement to acquire interests in three oil and gas licences in the Canning Basin Western Australia.
The company is acquiring Pancontinental Oil and Gas () and ’s () interests in Exploration Permit 104 Retention Lease R1 and Production Licence L15.
This will increase Key’s interest in EP 104 to 89.23% L15 to 85.4% and R1 to 85.23%.
Key will assume all rights obligations and liabilities associated with the assignment of their interests in the three permits.
In addition Pancontinental and FAR have agreed to pay the company $50000 cash each.
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