re: Ann: Cyrene-1 Daily Drilling Report for 2...
Entirely agree with you.
If the Goldmyer is confimed to be in the oil window it should rerate KEY as it is shallow close to infrastructure and is a proof of concept well over an extensive area.It will go further to unlocking the secrets of the Canning.
Even though it appears that the share price could fall down a hole if the well is a complete duster, the share price even where it is now is undervalued.
This well is costing KEY only $500000 leaving still plenty of money to be allocated to value adding.
In addition to drilling the Perth basin,Iam sure they will be free carried for at least a well when they farm out EP448,in addition,West kora where they have a 49% interest,but is still under option to BRU where oil has been produced and therefore a known active hydrocarbon system and will definitely give them some free carried interest if BRU elects to increase their interest.
So all is not lost and you never know there could still be a sting in the tail of the Cyrene#1
KEY Price at posting:
2.4¢ Sentiment: LT Buy Disclosure: Held
