KEY PETROLEUM LIMITED — Director's Dealing 2012

Dec 9, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	KEY PETROLEUM LIMITED
ABN	50 120 580 618

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Rex Turkington
Date of last notice	18 July 2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to therelevantinterest.	Katarina Corporation Pty Ltd – a company that is controlled by Mr Turkinton
Date of change	10 December 2012
No. of securities held prior to change	Nil
Class	Unlisted options exercise price $0.044 expiry 6/8/17 Unlisted options exercise price $0.052 expiry 6/8/17 Unlisted options exercise price $0.059 expiry 6/8/17
Number acquired	2,000,000 unlisted options $0.044 expiry 6/8/17 2,000,000 unlisted options $0.052 expiry 6/8/17 2,000,000 unlisted options $0.059 expiry 6/8/17
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	2,000,000 unlisted options $0.044 expiry 6/8/17 2,000,000 unlisted options $0.052 expiry 6/8/17 2,000,000 unlisted options $0.059 expiry 6/8/17
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of options as approved by shareholders at the Annual General Meeting held 30 November 2012.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms. Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Were the interests in the securities or contracts No detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow N/A the trade to proceed during this period? If prior written clearance was provided, on what N/A date was this provided?

10 December 2012

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Dennis Wilkins Company Secretary

• See chapter 19 for defined terms.

04/04/2012 Appendix 3Y Page 3