Ann: Exploration permit status granted offshore I, page-29

re: Ann: Exploration permit status granted of... Hmm, tough one this. Tanzania has been very slow going and is due to be a drain on company funds when the next round of drilling is due. However, there goes the upside that wildcat drilling in Africa was offering us if a sale goes ahead.

It'll be interesting to see what KEY has planned for the proceeds from selling their share in Nyuni & WSS.

This will leave us with the UK, which really are far from being a company maker, they are purely there for cashflow to fund other drilling. Italy moves so slowly we won't see any benefits in production for at least 4 or 5 years if the likes of PVE is any guide. Only other asset is Suriname which is such a small holding to be almost meaningless.

Interesting that the share price didn't budge on the announcement.