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- Key Petroleum (KEY) has completed a placement which raised $641,715
- The oil and gas explorer issued over 256.6 million fully paid ordinary shares at $0.0025 each
- The funds will go towards expanding Key’s oilfield services business, operations in the Perth Basin as well as additional working capital
- Company shares have dropped 12.5 per cent and are trading for 0.4 cents each
Key Petroleum (KEY) has completed a $641,715.69 placement to institutional and sophisticated investors.
The oil and gas explorer issued 256,686,277 fully paid ordinary shares at $0.0025 per share.
The placement funds are going towards progressing and expanding the company’s oilfield services business, operational activities in the Perth Basin, as well as additional working capital.
Key Petroleum has a 100 per cent holding in three exploration permits within the Cooper Eromanga Basin which collectively cover over 6350 square kilometres.
Within the Perth Basin in Western Australia, Key holds complete ownership of the L7 exploration permit. However, it maintains a 43.47 per cent holding EP 437 and 40 per cent in WA-481-P.
In the company’s COVID-19 business update it announced plans to explore the eastern part of EP 437 and L7 and the broader prospectivity of the northern Perth Basin.
Company shares have dropped 12.5 per cent and are trading for 0.4 cents each at 2:34 pm AEST.
