ASF GROUP LIMITED — Capital/Financing Update 2020

Oct 22, 2020

Suite 8, Churchill Court 331-335 Hay Street Subiaco WA 6008

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T: + 61 (0) 8 9381 4322 F: + 61 (0) 8 9381 4455

ABN: 50 120 580 618

23 October 2020

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

Dear Sir/Madam

LOAN AGREEMENT

Key Petroleum Limited attaches herewith an ASX Announcement pertaining to the Company’s finalisation of a Loan Agreement.

This announcement has been authorised by the Board.

For more information please contact:

IAN GREGORY

Company Secretary Key Petroleum Limited

Telephone: +61 (0) 8 9381 4322 Email: investors@keypetroleum.com.au

Suite 8, Churchill Court 331-335 Hay Street Subiaco WA 6008

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T: + 61 (0) 8 9381 4322 F: + 61 (0) 8 9381 4455

ABN: 50 120 580 618

ASX:KEY

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ASX Announcement

23 October 2020

LOAN AGREEMENT

Key Petroleum Limited (ASX: KEY) (“Key” or “Company”) is pleased to announce that it has executed an A$250,000 Loan Agreement with ASF Group Limited (“ASF”). The Loan is unsecured.

Principal terms of the Loan include –

• (a) Interest Rate – 10% per annum, payable on a quarterly basis,

• (b) Maturity Date – on or before 30 September 2021,

• (c) Repayment – the outstanding loan and any interest is repayable in cash –

  • (i) on the Loan Maturity Date; or

  • (ii) any time prior to the Loan Maturity Date by ASF giving 45 days written notice to Key; or

  • (iii) any time prior to the Loan Maturity Date by Key giving 15 days written notice to ASF.

The funds raised from the Loan will be used by the Company for working capital purposes.

For more information please contact:

IAN GREGORY

Company Secretary Key Petroleum Limited

Telephone: +61 (0) 8 9381 4322 Email: investors@keypetroleum.com.au