Sunday, 28 November 2021 02:54 GMT

Key Petroleum acquiring interests in Canning Basin oil and gas licences

(MENAFN- ProactiveInvestors)

Key Petroleum (ASX:KEY) 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 (ASX:PCL) and FAR Limited’s (ASX:FAR) 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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