Ann: Exploration permit status granted offshore I, page-33

re: Ann: Exploration permit status granted of... Any thoughts?

I initially invested in Key Petroleum for their Tanzanian assests after the success with Kiliwani Nth #1 well.I also liked their strategy to purchase the UK Oil fields to become an oil producer and adding value through increasing production, and their working capital.

Now after yesterday's report they want to sell all thier interests in tanzania, and after six months of running the UK business they've produced only 7946bo @ less than 44 bop/d (Key purchased producing 85+ bop/d ?).

So, as a S/H you cant blame me for not being very impressed with Key atm.Now they've announced that they want out of Tanzania, due to the frustrations of the commercialization process,they can probably kiss good-bye to any premium on the sale price.In regards to UK I hope they're successful with the Lidsey drill, and put some decent revenue back into working capital.

I never factored anything for Italy in my Key investment, but now it's the only assest they have that can catapult them from a Minnow O/G to Midcap O/G company.

So looks like Italy is the go, and my shares might have to stay in the bottom draw a little longer.