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FAR LIMITED — Capital/Financing Update 2015
Feb 22, 2015
64899_rns_2015-02-22_8f375bda-ee9a-4d58-85f9-601bcc2296b1.pdf
Capital/Financing Update
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Ground Floor 39 Stirling Highway Nedlands WA 6009
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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
23 February 2015
The Manager The Australian Securities Exchange The Announcements Officer Level 4/20 Bridge Street SYDNEY NSW 2000
ACQUISITION OF PARTICIPATING INTERESTS – EP104, R1 & L15
We attach herewith ASX Announcement for Investors regarding the acquisition of the above interests.
Regards
IAN GREGORY Company Secretary Key Petroleum Limited
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Ground Floor 39 Stirling Highway Nedlands WA 6009
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T: + 61 (08) 6389 0322 F: + 61 (08) 6389 0697
ASX RELEASE
ACQUISITION OF PARTICIPATING INTERESTS – EP104, R1 & L15
Key Petroleum Limited (“Key” or the “Company”), is pleased to advise that the Company has executed a Sale Agreement to acquire Pancontinental Oil & Gas NL (“Pancontinental”) and FAR Limited’s (”FAR”) interests in Exploration Permit 104, Retention Lease R1 and Production Licence L15 located in the Canning Basin.
Pre and post completion participating interests are:
| EP104 Titleholder | Pre-Completion | Post Completion |
|---|---|---|
| FAR | 15.67% | - |
| Pancontinental | 19.59% | - |
| Key | 53.97% | 89.23% |
| Indigo Oil PtyLtd | 10.77% | 10.77% |
| Total | 100.00% | 100.00% |
| L15 Titleholder | Pre-Completion | Post Completion |
| FAR | 12.00% | - |
| Pancontinental | 12.00% | - |
| Key | 61.40% | 85.40% |
| Indigo Oil PtyLtd | 14.60% | 14.60% |
| Total | 100.00% | 100.00% |
| R1 Titleholder | Pre-Completion | Post Completion |
| FAR | 8.89% | - |
| Pancontinental | 11.11% | - |
| Key | 65.23% | 85.23% |
| Indigo Oil PtyLtd | 14.77% | 14.77% |
| Total | 100.00% | 100.00% |
In consideration, with respect to recent Joint Venture expenditures, and for Key assuming all rights, obligations and liabilities associated with the assignment of their interests in EP104, R1 and L15, Pancontinental and FAR have agreed to pay Key an amount of $50,000 cash each.
The transfer of the above participating interests is conditional upon standard approval by the Department of Mines and Petroleum however no party sees any reason why the transfer of registered interests should not be approved.
For more information please contact: Key Petroleum Limited - Tel: +61 8 6389 0322
IAN GREGORY Company Secretary
23 February 2015
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