aminex oilbarrel conference, page-8

Kalmsg,

Nyuni low risk,,its relative i guess. Uk is what I'd call low risk.

Going on KEY's recent initiatives (UK acq + capital raisings)I'd say that this rebalancing of KEY's global portfolio is'nt done yet and we'll see another UK type acquisition.


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To those worried about the impending dilution,, you need look at the bigger picture rather than be myopic about your holdings.


IMO..KEY needs to have the freedom to act quickly..too much intervention might strangle the goose thats is going to lay the ,,,,

If you want a dynamic company that can make it big,,it needs the room to move,,to reverse course if necessary and follow another path. That might mean offloading the Tz portfolio and making inroads into Iraq via midmar for much bigger fish.

Key started off with Tz as it looked like it fitted the bill -- high impact acreage with naerby infrastructure in place. But there have been delays. So key had to adapt and get that income stream pronto from elsewhare.

They have acted with agility,, changing strategy as the conditions required and its working. Now imo, shareholders need give them free rein and understand that telegraphing your acqusition future strategies is self sabotage.

The current vogue is for intervention at all levels in company affairs as a result of the GFC,, but witch hunts and too much intervention in company atrategy and calls for complete transparency can through out the baby with the bath water.It can thwart a company to operate affectively.

I realise that one of the main issues concerning shareholders is the dilutary affect on their holdings,, but look at the bigger picture,,, an acqusition that strenghthens the companies finances maybe rewarded in higher sp and volumes as the strategy is accepted by those that haven't adapted yet and are still on high impact/high risk moves. The company is evolving but some shareholders have yet to do so and are punishing the sentiment as a result. Seems a bit unfair to me.