KEY PETROLEUM LIMITED — AGM Information 2012

Nov 28, 2012

Petroleum Ltd Key

29 November 2012

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

Dear Sir

RE: 2012 ANNUAL GENERAL MEETING PRESENTATION

We attach herewith Presentation for Annual General Meeting to be held on Friday, 30 November 2012.

Regards

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KANE MARSHALL Managing Director KEY PETROLEUM LIMITED

Key Petroleum Ltd

Ground Floor, 39 Stirling Highway, Nedlands, Western Australia 6009

T: +61 (0)8 6389 0322 F: +61 (0)8 6389 0697 E: info@keypetroleum.com.au W: www.keypetroleum.com.au

ABN 50 120 580 618

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Petroleum Limited Key

Annual General Meeting 30 November 2012

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Petroleum Limited
Disclaimer Key
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The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Key Petroleum Ltd and consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities.

The information contained in this presentation has been prepared in good faith by Key Petroleum Ltd. However, no representation or warranty, expressed or implied, is made as to the accuracy, correctness, completeness or adequacy of any statement, estimates, opinions or other information contained in this presentation.

Certain information in this presentation refers to the intentions of Key Petroleum Ltd, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties, and other factors that may cause Key Petroleum Ltd’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Key Petroleum Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of events referred to in this presentation will occur as contemplated.

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Petroleum Limited
Key
Strategic Direction
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• Primary re-focus to Australian exploration and development opportunities

• The Company has now exited from all minority small impact international interests

 New board in place with track record of success as at July 2012 to execute new strategic direction  Company continues to assess new opportunities to add third limb to basin exposure both in Australia and Internationally  Emphasis on operatorship opportunities given technical capability of delivering projects and as demonstrated by taking Cyrene-1 operatorship

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Goals Achieved 2012 Key Petroleum Limited
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• Divested all non-core assets (Tanzania, Suriname and United Kingdom)

• Exited Italy

• New board in place from August 2012 that have executed the August Key strategic direction for remainder of 2012

• Reduced overheads by moving to small office with only two fulltime employees

• Now an operating exploration oil and gas company in Australia:

• Operating exploration well Cyrene-1 on behalf of the EP 438 Joint Venture to be drilled Q4 2012/Q1 2013

• Operating EP 448, engaging DMP on work commitments and seeking farmin partner for a well in 2013/14

• Participating in Waugh-1 in the North Perth basin in 2013

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Petroleum Limited
Current Board Key
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• –

• Mr Kane Marshall Petroleum Engineer BSc (Geology), BCom (Corp. Finance) & MPetEng

Appointed Managing Director in April 2012 with over 10 years experience in exploration, production and development internationally and in Australia

• Mr Ian Paton – Geophysicist BSc (Geophysics), MBA, MPetEng

Appointed as Non-executive Director in June 2012 with over 30 years experience in exploration, production and development internationally and in Australia. Previously Exploration and Development Manager at Santos and Conoco

• Mr Rex Turkington – Economist BCom (Hons), BCA, AAFSI & ADA1 (ASX) Appointed as Non-executive Director in July 2012 with over 30 years experience in stock broking and corporate advisory roles

• Mr Dennis Wilkins – Accountant BBus, ACIS, AICD

Appointed as Non-executive Director in July 2006 and Chief Financial Officer and Company Secretary in June 2012 with over 30 years experience in corporate finance, accounting, legal and other advisory services

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Petroleum Limited
Key
Exploration Interests
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• Canning Basin - Conventional and Unconventional:

 EP 448 - 70.00%

• EP 438 -[] 76.00%

• EP 104 - 16.44%

• R1 - 16.44%

• Production License L15 (West Kora Oil Field) - 49.00%

• North Perth Basin Conventional Oil:

• EP 437 50.00%

 After completion of farm out wholly owned subsidiary Gulliver Productions Pty Ltd will reduce from 76.00% to 20.00%

Canning Basin Interests

Petroleum Limited Key

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Petroleum Limited
Canning Basin Interests (cont.) Key
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• Interests in four million acres conventional and gross encompassing

• unconventional targets

• Liquids focused exploration

• Key operates one block (EP 448) and currently operates Cyrene-1 on behalf of the EP 438 Joint Venture

• Cyrene-1:

• Post farmin Key interest goes to 20.00%

 Spud date anticipated within next two weeks depending on weather  Unconventional Goldwyer and conventional Willara oil objectives

• Seeking farmin partner for EP 448 (70%) for large unconventional Goldwyer oil play

• Adjacent Niokaly-1 results are extremely encouraging for Key (EP 448 likely to be in gas-condensate/oil window)

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Key Petroleum Limited Exploration
Petroleum Limited
Key
Programme
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Cyrene-1 commitment well targeting both conventional and unconventional plays over a 4 way dip anticlinal structure

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Key Petroleum Limited Exploration
Petroleum Limited
Key
Programme
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CYRENE -1, ONSHORE CANNING BASIN, WA

• Cyrene-1 farmed out to Buru Energy to earn 75% (Mitsubishi and Buru) in EP 438 by spending $3 million including a well

• Key Petroleum (70%) and Indigo Oil Pty Ltd (20%) are carried through the $3 million spend however any spend over $3 million incurs a cost to Key

• $500,000 already spent by Buru on Athos 2D seismic follow survey indicating up exploration

• drilling in the event of Cyrene-1 success

• Post drilling of Cyrene-1 will result in Key Petroleum retaining 20% in EP 438

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Petroleum Limited
Key
Cyrene-1 Geographic Location
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LOCATION

100km South of Broome, 1.5km from Great Northern Highway The structure consists of a Cyrene four closed anticline with way dip estimated potential recoverable oil 5MBO Is adjacent to the Hedonia-1 well drilled by Gulf in the early 1980s, which had strong oil and gas shows in parts of the Goldwyer Formation

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Petroleum Limited
Key
Cyrene-1 Wellsite Layout
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Store Tools
Fuel
Tank
Tank Tank Tank
1 2 3
F Sump
l 20m x 15m
a
r
e
L
i
n
e
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DCA Rig 7 Layout
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Petroleum Limited
Cyrene-1 Wellsite Activities Key
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WELLSITE ACTIVITIES

• 30 man and tubulars mobilised drilling camp

• to site

• • Last of DCA Rig 7 and equipment on route to site

• • Site works completed including fencing around lease to protect from cattle on local station

• • Custom built a drilling pad including drilling

• cellar, dam (turkey’s nest) for drilling water, a water bore and lay down areas for equipment

• • Location built to withstand the wet season and cyclone proof camp

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The Turkey’s Nest located 40m from camp (top)
and completed drilling cellar (bottom)
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Petroleum Limited
Key
Cyrene-1 Wellsite Activities (cont.)
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A large part of the 30-man Drilling Camp was mobilised from Exmouth in November

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Petroleum Limited
Cyrene-1 Wellsite Activities (cont.) Key
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Graded roads into the well location and truck lay down areas (top left), the edge of drilling pad (top middle), drilling pad after fencing fencing (top right), bunding and installation of water well pump (far left) and the sump (left) have all been completed. The site has been constructed to withstand the wet season in Western Australia’s North

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Petroleum Limited
Cyrene-1 Personnel Key
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Key Petroleum Wellsite Geologist Mike Harrison (right) at Point Torment in the 1990s (Canning Basin, EP 104) and Drilling Manager Hugh Edwards (below and left) at West Kora (L15) in the 1980s

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Canning Basin Conventional &
Petroleum Limited
Key
Unconventional Upside Potential
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• Athos 2D seismic survey has identified other conventional and unconventional structures in the EP 437 Buru Energy operated permit. • Core of Goldwyer shale will assist in understanding of unconventional potential of Key’s EP 448 permit (Key 70%)

• Large unconventional Ambrose shale oil prospect in EP 448 updip of Nicolay-1 location that has been drilled by New Standard Energy and Conophillips recently

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Canning Basin Conventional &
Petroleum Limited
Key
Unconventional Upside Potential (cont.)
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• Currently seeking farmin partner to drill a well in 2013/14 Canning Basin dry season

• Several other conventional structural and stratigraphic leads identified on trend with Ambrose (Walsh, Croft, Garner and Holding) within the Nita objective

• Stokes Bay, Point Torment and West Kora conventional oil and gas upside in blocks EP 104, R1 (16.44%) and L15 (49%)

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North Perth Basin Conventional &
Petroleum Limited
Key
Unconventional Potential
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• Key Petroleum has a 50% interest in EP 437 • The Key technical team has identified two distinct play types:

 Unconventional carbonaceous shale gas potential of the Cattamarra Coal Formation

 Conventional Triassic oil potential contained within sands of the Bookara sandstone sequences • Previous Dunnart-1 exploration well indicated good oil shows in the Bookara sandstone sequence that were not tested

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North Perth Basin Conventional &
Petroleum Limited
Key
Unconventional Potential
(cont.)
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• EP 437 Commitment Waugh-1 is planned to test both unconventional and conventional play types:  Dedicated flow test of Cattamara shale intervals  Open hole drill stem test planned if good oil shows are found in the Bookara sandstone sequence encountered in Dunnart-1  Potential for 2-5 million barrels of oil recoverable

North Perth Basin Conventional & Unconventional Potential (cont.)

Petroleum Limited Key

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Petroleum Limited
Key
Corporate Position
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• Key Petroleum listed in 2007

• • Market Capitalisation as at 30 1 Year Daily Share Price Movement November 2012 is ~ $13.5 million

• • Cash ~ $4.4 million

• • Appointment of new Capital Structure 450,509,417 shares Board

• • 1610 shareholders with the Top 20 controlling ~ 33.4%

• • New board in place July 2012 5 Year Daily Share Price Movement

• • Strong cash position with strong exploration activities already commenced in Cyrene-1 and Waugh-1 to follow

• • Future strategic direction focuses on liquids in the Canning Basin and other opportunities in Australia with infrastructure synergies