guys this rights issue does not look good, page-2

How do you figure this amer222333?

There's no indication of this going under the issue price of 11 cents. If the market agreed with you then the share price should be under 11 cents right now.

Since the announcement of the rights issue the share price has not dipped below 11 cents and the trading has been very light since the shares went ex-entitlement.

In addition not a single right has been traded, in past rights issues that I've experienced that has generally been an indication that the majority plan on taking up their entitlements.

The only way I could see this issue failing would be if the purchase of MEOL fell over.

Love this from today's announcement:

“We are looking forward to finalizing the acquisition transaction, obtaining regular oil sales revenue and then the successful drilling of the Lidsey horizontal oil well, planned for early 2010”

“Throughout the coming weeks we will issue further updates on this important transaction for Key Petroleum” Mr. Russell said.

They won't be wasting any time on this one should all go to plan.