Sept 8 (Reuters) - Key Petroleum Ltd KEY.AX :
* SALE OF 40% INTEREST IN WA-481-P,PGY-KEY.AX
* ANNOUNCES SALE OF 40% INTEREST IN WA-481-P, OFFSHORE PERTH BASIN
* TRANSACTION INCLUDE 21 MILLION SHARES IN PILOT WILL BE ISSUED TO KEY IN TWO TRANCHES
* PARTIES WILL TERMINATE JVA BETWEEN EACH OTHER IN RELATION TO 481 PERMIT