Ann: Quarterly Report and Appendix 5B , page-6

Actually I will go so far as to say that the recent options issued to rights subscribers will likely never be exercised now, because even if the UK drill is a success, nobody in their right mind is going to by this stock if there is now yet another threat of a project dilution hanging over it.

Which means we probably wont be able to re rate significantly after the UK drill and raise further capital for a TZ drill to enable us to retain that asset.

Every single time KEY has a small chance of share price appreciation the directors appear to raise a new axe to dangle over our necks. Hence the share price has only known how to move in one direction for the last couple of years.

Only choices now as I see it is to sell TZ.

The alternative of bringing in a really nice project for minimal cost is, lets face it, unlikely the way projects are being priced now. All the decent projects were stitched up early on in the commodity boom cycle.

Why cant these guys just simply deliver minimise costs, meet deadlines, deliver on promises and let the share price run when it can instead of torpedoing it seemingly every time.