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Key Petroleum CEO Shows Confidence, Buys Further 1.5m Shares On Market

Key Petroleum (ASX: KEY) chief executive officer Kane Marshall has invested a further A$50,437 to increase his shareholding to 3.1 million shares in the company.

Marshall, in a show of confidence in the company, bought an additional 1.47 million shares on-market for around $0.034 per share.

Investor interest is growing in the company, with shares hitting a one year high of $0.06 recently after Key laid out for investors its new technical strategy aimed at delivering early oil and gas success from its Canning Basin acreage.

As part of "The Canning Push", the company will map and identify additional drillable Carboniferous aged gas plays associated within the Anderson Formation in permits R1 and EP 104.

This includes testing of the Stokes Bay-1 well to upgrade contingent gas resources to reserves status and re-evaluating the Point Torment-1 gas discovery that flowed 4.2 million cubic feet of gas per day during drill stem testing.

The Canning Basin prospectivity for both oil and gas has recently been upgraded with major discoveries by Buru Energy (ASX: BRU) at Ungani-1 and Vahalla North-1.

Indicating the size of Key's acreage in the region, the company is the third largest net holder of prospective acreage of ASX listed companies after Buru and New Standard Energy (ASX: NSE).

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