in the latest Zeta report on their website they state:"Risk that...

in the latest Zeta report on their website they state:

"Risk that no economically producible oil will be discovered or found to be present in the groups exploration licence areas"

http://www.zetapetroleum.com/PDF/Zeta%20Consol%20Accounts%202009_Signed.pdf

Ok. So no actual economic reserves then, or what?

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Also see Admin expenses were 1193000 pounds and exploration expenses were only 45000. This at least appears to be the same business model as KEY so is probably a good match on that score.

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Their debt seems to fall due on 31st Aug 2012.

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'Wages and salaires'/social security etc are a staggering 660000 pounds over 5 staff seemingly. Around a million pa. Also a good fit for KEY there.

There seem to be around 2.735m shares on issue so it appears each Zeta shareholder (assuming initial tranche is split across the 2.7m) will get around 116 KEY shares for each Zeta share, valuing each Zeta share at around 3 pounds! (Based on some assumptions above that might be wrong so DYOR!)

Most recent raising for Zeta seems to have been in Feb 2010 prior to the plug and abandon at 3.61 pounds per share. So it looks like they are getting off lightly for accumulating debt and having marginal assets while we are sitting on 75% losses for arguably better and more diverse assets?

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Any comments?

Who thinks this is a good deal/will vote for it?
Who thinks it is bad/ wont vote for it?
Who thinks we have no choice?