italian offshore permits affected?, page-9

I am pretty sure KEY will update their shareholders regarding the recent news about Italy once they have had a chance to talk to their own people in Italy about the potential impacts. Until then, it is just guesswork and assumptions.

If I have read their presentation correctly, we are going to see 3 wells drilled within the next 6 months, all targeting Oil. They have also confirmed that they will continue with their Tz divestment programme which will bring much needed cash on to our balance sheet.

The big question for me is if they can sell Tz early enough to avoid a cap raising for their UK & OZ purchase / drilling. Given the current sp, I am suspecting KEY management would prefer to use the sale proceeds of Tz, rather than diluting shareholders.

With regard to the OZ purchase, they are definitely looking at reducing capital expenditure and operating expenses. Interesting to note that more prospects are likely to follow in this area. This is a great opportunity for KEY management to show how good they are in Oil in their own area,

.............IMO, they will nail this one!

With regard to the current sp, you also need to take into consideration the current uncertainty in global markets, Europe, China, etc, and of course the BP disaster, and not just the proposed sale of our TZ assets and Italy. All of these will have a detrimental impact on our sp.

Cheers
R