Key Petroleum Limited has completed remapping of the Alfajor Prospect in its wholly owned and operated, southern ATP 924 project area in Queensland. The Company used good quality 3D seismic that covers the Alfajor structural trend and recognises the potential for similar, follow up structuring in the block that is covered by 2D seismic at this stage. The remapping has resulted in a material upgrade to the recoverable gas resource potential within the primary conventional sandstone reservoir target for the area, the Toolachee Formation. The Company is currently finalising a location to drill a moderate depth, circa 2,800 m well to evaluate the Alfajor Prospect. The Company anticipates concluding all necessary preparations including well planning and permitting within the next six months, allowing for drilling by mid-2022. Prospect Summary: The Alfajor Prospect is now mapped as a prominent, relatively high relief feature, with 4-way dip closure and enhanced trapping geometry due to drape closure over an early formed (Early Permian age), glaciated landscape comprised of mesas and intervening steep valleys. There is high certainty of the presence of this 4-way dip closure. It is located adjacent to a proven, hydrocarbon generative depression of the Windorah Trough and is considered low risk for having received hydrocarbon charge given its position immediately flanking the interpreted kitchen area. Additionally, due to the strong shows of gas and some oil in offset wells Gilpeppee-2 and Maroochydore-1. Neither of these wells however, despite the obvious hydrocarbon charge, intersected effective reservoir, mainly due to structure formation at Gilpeppee post-dating reservoir quality destruction, due to high geo-temperatures and, at Maroochydore, lack of deposition of the primary target Toolachee Formation. Unlike at Gilpeppee, Alfajor is shown on the 3D data to have the elements of an early formed trap due to drape closure over a prominent, Early Permian, glaciated landscape. This early trapping geometry is then enhanced and overprinted by the later structural episode that raised the Gilpeppee structure. The early drape closure means that Alfajor should have been positioned to capture migration of hydrocarbons from the earlier known phases of generation in the Windorah Trough, and in so doing, preventing cementation of the pores spaces in the rocks, preserving reservoir capability. The closure as mapped has limited or no faulting effecting the main closure for which the potential gas resources have been estimated. As such, based also on regional well results, the presence of effective, shaley, drape, top seals for the main target reservoir level is considered likely. Additionally, thickening of the Toolachee Formation reservoir into the channelled zones within the mapped closure is expected. Key's interpretation is for the formation and reservoir characteristics of the Alfajor trap to be analogous to the large (+460Bcf Toolachee Formation 2P gas reserves), developed and producing, Barrolka Gasfield located approximately 50km to the SSE. The main exploration risk is nevertheless deemed to be presence of effective reservoir and the overall chance of an exploration drill success is estimated to be 30%. The prospect is located within circa 40 km of the Carpentaria Gas Trunkline within which there is available carrying capacity and the Company expects in a success case, to be able to reach access and processing agreements as may be necessary with the Cooper Basin natural gas infrastructure Operators.