tz, page-35

Hey Roznov, what bearing did the GFC have on KEY in relation to the Tanzanian assets?

Gday Surandy70,

Refer to the 2008 AGM presentation, specifically pages 6&7.

http://www.keypetroleum.com.au/reports/20081126AGMPresentation.pdf

Below is an extract which i have interpreted as: In KEYs opinion, Tz will take longer than originally expected due to the GFC.

Europe is in recession, America is as well and China and India are slowing. This we believe means that Africa will be impacted through lower contributions in to development projects by entities such as the World Bank or Europe a Development funds which will impact on the funding of a countrys infrastructure

Tanzania, where we have two important projects, will not avoid this impact and the countrys lack of infrastructure will hamper the speed of development of our projects and Keys ability to receive a substantial economic return in the short term on the time and money currently invested.

With regards to EP437, the rig will be there on Monday hopefuly and then the fun begins shortly after. I have to laugh with the time schedule of the entitlement offer, and how it coincides the drilling of EP437, especially the closing date, lol.

We all hope you are wrong with your thoughts on this prospect, lol. We also should not loose sight that, whether you like the KEY management style or not, they have a proven track record of finding the good stuff, KN#1 was a classic example. If there is something to be found there, they will find it IMO!!!

Personally, I would rather invest in a company that have a proven track record in exploration discoveries, than a company that has great public relations, but dont have the experience to put a hole in the right spot. But thats just me. A great company has both of these attributes!

Cheers
R