Key Petroleum, which aims to issue 64 million shares at 30c, is proposing to list on the Australian Stock Exchange on April 24.

The explorer has interests in permits in Africa, Europe and South America.

It said its short-term objective was to establish petroleum reserves that can be quickly brought into production.

In the company’s offshore Tanzania project, it has the right to earn a 20% interest by funding 30% of the cost of drilling two wells this year.

The Nyuni block is directly adjacent to the producing Songo Songo gas field and near the recently announced Mafia Basin, Mkuranga-1 gas discovery well.

In Italy, the company owns a 100% interest in the Borsano block in Po Valley, one onshore exploration permit and four offshore exploration permit applications. It plans to start drilling the Borsano block during the first quarter of 2008.

Key also holds a 1.75% interest in two prospective onshore exploration permits in Suriname, directly adjacent to the country’s main producing oil fields, Tambaredjo and Calcutta.

These fields are operated by London-listed Tullow Oil, which recently acquired Hardman Resources in a $A1.47 billion takeover.

Edward Ellyard, who was Hardman’s chief executive from 1996 to 2004, is now Key’s non-executive chairman.

He is joined by managing director and CEO Ken Russell, a petroleum engineering and production technology specialist with over 30 years experience in the international oil and gas industry.