The company said on Monday it had entered a sale agreement with Emerald Oil & Gas to acquire the latter’s 24.98% interest in exploration permit 104 and a 14.17% stake in retention lease 1 within the Lennard North Province, located about 20 kilometres north-west of Derby.
Under the terms of the deal, Key will be required to make a cash payment of A$50,000 ($46,269) and issue 4 million ordinary fully paid Key shares to Emerald (or its nominee).
