ASF GROUP LIMITED — Capital/Financing Update 2014

Jan 21, 2014

Ground Floor 39 Stirling Highway Nedlands WA 6009

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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697 commrelations@keypetroleum.com.au

22 January 2014

The Manager The Australian Securities Exchange The Announcements Officer Level 4/20 Bridge Street SYDNEY NSW 2000

ASF Group Limited subscribes for further placement in Key Petroleum Limited

We attach herewith an ASX Announcement on ASF Group Limited (ASX: AFA) subscribing for additional shares in Key Petroleum Limited.

Regards,

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IAN GREGORY Company Secretary KEY PETROLEUM LIMITED

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22 January 2014

ASX RELEASE

KEY PETROLEUM LIMITED PLACES ADDITIONAL SHARES WITH ASF GROUP LIMITED

The Board of Key Petroleum Limited (“Key” or “Company”) is pleased to announce that ASF Group Limited (“ASF”) has subscribed for additional shares through a placement by the Company.

ASF has agreed to pay an additional $292,119.06 to subscribe for 22,470,697 fully paid ordinary shares taking its holding in the new capital structure of Key after the placement to 19.9% of the issued capital of the Company. The issue will be at 1.3 cents per share, being a premium on Key’s five day volume weighted average share price (“VWAP”). The placement is in accordance with both the Company’s share placement facility and 15% placement capacity approved at the 2013 Annual General Meeting.

IAN GREGORY Company Secretary KEY PETROLEUM LIMITED

For more information please contact: Key Petroleum Limited ‐ Tel: +61 8 6389 0322

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