Key Petroleum Limited (KEY) has released its quarterly report for the period ended 30 June 2026, highlighting significant activities including ongoing efforts to secure long-term tenure for its key assets and successful capital raisings. Key Petroleum Limited is an Australian oil and gas exploration company focused on developing its assets in the Cooper Eromanga Basin in Queensland, where it holds interests in petroleum permits ATP 920 and ATP 924. A central focus for the quarter involved the Queensland Government’s assessment of the Company’s Potential Commercial Area (PCA) applications over ATP 920 and ATP 924, with Key Petroleum maintaining regular engagement with authorities.
The Board views the grant of these PCA applications as a vital milestone, providing greater long-term tenure certainty over core assets, supporting future exploration and development, and enhancing strategic flexibility. Financially, Key Petroleum successfully completed two share placements on 29 April and 1 May 2026. These placements issued 3,045,858 and 1,015,286 fully paid ordinary shares, representing approximately 9% and 3% of the Company’s issued capital. The capital raised has strengthened Key Petroleum’s financial position, providing essential working capital for ongoing operations, core exploration activities, and the evaluation of future business opportunities.
Looking ahead, Key Petroleum will continue proactive engagement to progress the PCA approvals for ATP 920 and ATP 924, which remain a key priority. The company intends to convene its Annual General Meeting (AGM) during the next quarter, following the completion of its FY2025–26 Annual Report and audit. Furthermore, Key Petroleum will assess funding opportunities, evaluate suitable new petroleum acreage in the second half of 2026, and pursue complementary business opportunities. As of 30 June 2026, Key Petroleum reported A$239,339.31 in cash on hand. Payments to related parties during the quarter amounted to $32,000, covering directors’ and consulting fees.
