Ann: Quarterly Cashflow Report , page-4

Maybe it is time for Key to start ditching assets due to future exploration costs?. Certainly that will be the case if the UK drill does no go according to plan *and if* KN production is withheld for at least another 6 months.

Suriname can be first to go. What is the point of proving up assets and not producing them?

In the above scenario, one of the TZ blocks will probably have to go due to future spend commitments and KEY's inability to capitalize for capital raisings.
Maybe keep the interest in KN and JV out the 20% of the rest of Nyuni.
Bit dubious on WSS prospectivity compared to Nyuni but at least it is 50% of any decent find and close to this so called large pipeline (to no customers).

Best to keep OnS Italy/Sardinia as it is *close to the gas markets* Just hope approvals come within a year or so. If we are unlucky we might just get kicked off them but worth the wait considering the 10 year path so far.

Lampedusa can probably get reduced to freecarry for whatever we can get. That is for the big league and clearly KEY may not be in the big league for a long time.

The alternative the way things stand *at the moment* is this is going to have hundreds of millions of shares on issue within two years and management will be calling it a growth company.