gas in high demand in tanzania, page-14

On most of KEY's projects (if not all) they aren't in charge.

Progress is slow due to other parties project management, govt.s in immature countries/regions, long-winded bureaucracy and permitting bottle-necks.

Whilst not really a company maker I believe the UK assets will surprise to the upside, management aren't oil johnny-come lately's they know their stuff, if they are saying re-drilling/ work-over of the UK assets has a good chance of upside potential then I believe them. They area will be pretty well defined and lots of data exists for it so they can plan these things quite accurately to maximise production. So I believe production will be closer to upper limit than lower limit.

Most importantly it is 100% KEY, in mature region etc. so this can be fast-tracked and tied into facilities extremely quickly.

Most importantly, this will provide immediate income, for fixed overheads and some exploration/development, so will keep cap. raisings to a minimum AND THEN when the longer-term company makers kick-in the starting point will be a minimised equity-base, maximising income/share due to their tight capital structure.

The UK assets are a very astute move in my amateur opinion.

well-done management.

choice