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KEY PETROLEUM LIMITED Capital/Financing Update 2012

Mar 14, 2012

65176_rns_2012-03-14_cb0e65d4-2e22-42d7-90f6-8fa37fcd2dc7.pdf

Capital/Financing Update

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ACN 120 580 618

Suite 7 154 Hampden Road NEDLANDS Western Australia 6009 Tel. +61 8 6389 0322 Fax: +61 8 9389 0697 [email protected] www.keypetroleum.com

15 March 2012

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

Dear Sir

RE: KEY TO RAISE $1.0 MILLION BY PRIVATE PLACEMENT

Key Petroleum Limited (“Key”) is pleased to announce that it has today received commitments by professional and sophisticated investors who qualify under section 708(8), (10) or (11) of the Corporations Act to subscribe for, and Key has agreed to place to them, 40 million ordinary fully paid shares in the capital of Key at an issue price of 2.5 cents per share. It is expected that the completion of this placement will be within the next 5 business days.

The purpose of the capital raising is to provide additional working capital for the Company including exploration in the Onshore Canning Basin, Western Australia.

Yours faithfully