5 November 2012
The Manager
Australian Securities Exchange Company Announcements Office Level 4/20 Bridge Street
SYDNEY NSW 2000
Dear Sir

RE: EP438 - CYRENE-1 UPDATE

We attach herewith an ASX Announcement for Investors regarding activities on the drilling of commitment well Cyrene-1 on EP438.

The relevant interests after the drilling of Cyrene-1 will be as follows:

Regards

KANE MARSHALL

Managing Director

KEY PETROLEUM LIMITED Key Petroleum Ltd

Ground Floor, 39 Stirling Highway, Nedlands, Western Australia 6009

T: +61 (0)8 6389 0322 F: +61 (0)8 6389 0697 E: info@keypetroleum.com.au W: www.keypetroleum.com.au

ABN 50 120 580 618

ASX AND MEDIA ANNOUNCEMENT

5 November 2012

CYRENE-1 UPDATE ON EP438 ACTIVITIES


Further to the announcement of 29 October 2012, Key Petroleum Limited ("Key") is pleased to announce that the EP438 Joint Venture has received environmental approvals from the Department of Mines and Petroleum (DMP), for DCA Rig 7 to undertake the drilling and testing program of Cyrene-1.
Key's 30 man camp and tubulars will now start mobilising to site and further updates will be issued as other relevant approvals for the drilling of Cyrene-1 progress.
For further information, please contact:

Kane Marshall

BSc (Geology), BCom (Inv & Corp Fin), Masters PetEng

SPE, AAPG Managing Director Key Petroleum Ltd

Telephone: +61 8 6389 0322

Email: kmarshall@keypetroleum.com.au

Competent Persons Statement

Information in this ASX Release relates to information compiled by Mr Kane Marshall. Kane Marshall is a Practicing Petroleum Engineer and holds a BSc (Geology), a BCom (Inv & Corp Fin) and a Masters in Petroleum Engineering. He is a member of the Society of Petroleum Engineers (SPE) and the American Association of Petroleum Geologists (AAPG).

Key Petroleum Ltd

Ground Floor, 39 Stirling Highway, Nedlands, Western Australia 6009

T: +61 (0)8 6389 0322 F: +61 (0)8 6389 0697 E: info@keypetroleum.com.au W: www.keypetroleum.com.au

ABN 50 120 580 618

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