my %action = (
    LOCATION => sub {
        my( $dir ) = @_;
        $dir =~ s{^\.\.}{};
        print $dir;
    },
);

... while ...

/^         # start of line
\s*        # optional padding
( [^:]+ ): # $1 key, not ':'
\s*
([^\r\n]*) # $2 value, not line end
[\r\n]*    # end of line
/xm
and do {
    my( $key, $value ) = @_;
    my $action = $parser{ $key } || $parser{default};
    $action->($value);
};