Ann: Renounceable Entitlement Offer to Shareholde, page-14

re: Ann: Renounceable Entitlement Offer to Sh... "What kind of money would be necessary to bring these wells up to their projected maximum possible flow rates. I'm sure Midmar would have already done the sums. I'd like to think this raising was going to achieve the improvements discussed in the purchase announcements but have no idea what the costs for the horizontal drilling would be. Or the time frame for achieving it."

Illiquid, the cost estimate is US$2.75m based on this link that someone else provided previously (I forget who posted the link). With the timing of the raising and the cash at bank I'd expect that KEY are already making arrangements for the works so that they can commence as quickly as possible once the sale goes through.

http://energy.ihs.com/NR/rdonlyres/5A7EE836-CD70-4E45-9F58-31F5331AA1F3/0/II9_Envoi_Limited.pdf