aussibulls.com also confirms , page-5

Hi Brucesterfer

I am not interested in making a detailed comment about KEY here as I wouldn't like to make the KEY holders angry. Also this is NSE forum it wouldn't be appropriate.

KEY's tenements are on Willara sub-basin while NSE's tenements are mainly on Kidson sub-basin. Different plays.

EP-448 is close to NSE's Nicolay-1 but Munro Arch separates the Willara and Kidson sub-basin right there. Nicolay-1 is being drilled on Kidson sub-basin.

If you are looking for shale plays, here is my map shows where they are. See EIA's shale play boundaries on my map. (I am quite sure that EIS's shale boundaries are precisely correct)

I think EP-438 tenements have not much chance (no mid-Goldwyer there) but EP-448 may have some conventional chance as it is also at the open marine section of Goldwyer despite it does not have the shale section IMO.

However there are other formations and factors which make KEY's and NSE's tenements completely different IMO. I don't want to mention about them here as it would be a long story.

EIA's map overlying tenements

EIA's Map