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ACN 120 580 618 163 Stirling Highway Nedlands Western Australia 6009 Tel: +618 9389 3200 Fax: +61 8 9389 3299 email: ASX and Media Release th 14 April2011TANZANIA – DEVELOPMENT LICENCE SIGNED Key Petroleum Limited (ASX:KEY) (“Key Petroleum”) announces that theMinister for Energy & Minerals of Tanzania, the Hon. William Ngeleja, has signed a Development Licence for the Kiliwani North Gas Field in Tanzania. This is a major step forward in bringing the Kiliwani North Field on to production. This Development Licence covers an area carved out of the Nyuni East SongoSongo Production Sharing Agreement (‘Nyuni PSA’) which includes the geologically mapped area of the Kiliwani North gas field. The Kiliwani North1 well flowed gas at a stabilized rate of 40 million cubic feet per day (equivalent to 6,700 barrels of oil per day) under full production test conditions. Kiliwani North has been independently estimated to contain 45 billion cubic feet (‘BCF’) gas in place on a Pmean Contingent Resources basis, equivalent to 7.5 million barrels of oil. The joint venture is working towards the gas from Kiliwani North being available to assist in countering current energy shortages in Tanzania. Successful drilling by large exploration companies operating in the deep water areas, both offshore Tanzania and in neighbouring northern Mozambique has shown the potential of the area with large gas finds being reported. The Kiliwani North Development Licence however is the first new Development Licence granted in Tanzania as a consequence of exploration drilling carried out in recent times and is a significant milestone in the commercialisation of Tanzanian gas. The Kiliwani North wellhead is situated on the southern tip of SongoSongo island off the coast of Tanzania and is less than 3 kilometres from the nearest access point to the process facilities (being upgraded) at the input end of the Songas commonuser pipeline which delivers gas from the neighbouring SongoSongo field to the city of Dar es Salaam. Ndovu, the joint venture operator, has already negotiated a memorandum of understanding for the future sale of gas to industrial users in the Dar es Salaam area and expects to be able to deliver first gas within 12 months.
Another prospect which lies within the development area is known as Fanjove North, but this has yet to be drilled. It has been independently estimated to contain in excess of 200 BCF gas in place, equivalent to approximately 30 million barrels of oil, on a Pmean Prospective Resources basis and, subject to the outcome of a planned transition zone seismic survey, may be drilled in due course. minex PLC Key Petroleum’s Managing Director/CEO Ken Russell reiterated the comments of Aminex and Ndovu’s chairman Brian Hall when he said: “We are very pleased to have been granted this Development licence, which represents a major landmark in our Tanzanian operations. The Development Licence will also benefit Tanzania, paving the way for a further energy source in a market with high and urgent demand. Kiliwani North is well situated, close to a major pipeline, and the Development Licence will now enable the joint venture to negotiate agreements to access processing and transportation facilities. The existing pipeline has limited capacity but we may expect development of new pipeline infrastructure as a consequence of recent deep water gas discoveries. The new Development Licence is a significant step in commercializing the Tanzanian operations. Within two months new exploration drilling is expected to commence at nearby Nyuni Island, targeting a large gas prospect within the Nyuni PSA. Negotiations are also being satisfactorily concluded with the Tanzanian authorities for a new, enlarged Nyuni PSA which will replace the existing Nyuni PSA upon its expiry this year. This will be the firstever renewal of an expired PSA in Tanzania. In the event that the Nyuni2 well has not been concluded by the expiry of the current PSA, the Tanzanian authorities have indicated that they will provide an extension to the existing PSA to enable the Nyuni2 well to be completed. Participants’ holdings in the Nyuni PSA and Development licence are: Ndovu Resources (Aminex subsidiary)65% (Operator) RAK Gas Commission25% Key Petroleum Ltd.5% Bounty Oil and Gas NL5% For further Company background information please see the website at orcontact Ken Russell orJohn RibbonsManaging DirectorCompany Secretary + 61 8 9389 3200+ 61 8 9389 2123
NOTE:In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Ken Russell, Managing Director/CEO of Key Petroleum Ltd, who has at least 35 years experience in the sector. He consents to that information in the form and context in which it appears.