Ann: Investor Update , page-19

Modula,

NSE is yet to release the results of the Nikolay core analysis, I recently received a broker note which said they 'believe' the Analysis was going to be released soon, that was a week ago, so unless they are mistaken, it should be out soonish. This may also further assist KEY with getting a farm in agreement for EP 448? (and perhaps garner further interest in Cyrene-1)

I agree that the Nikolay well is a fair way away from Cyrene, but considering that the Goldwyer formation could be half the size of Texas, all data is hopefully going to be relevant.

Very interesting stuff Modula regarding the possible migration of the source to the East and North east, ramifications for both KEY, BRU and NSE.

Surandy, as you know KEY will also gain exposure from NSE Gibb Maitland well which is currently drilling (even though it is further away than Nikolay. It spudded on the 5th of Dec and from company announcements, will take approx 65 days, however, that includes drilling, logs and suspension. So initial results could be released as early as late January, very close to Cyrene-1 results if all goes to plan for both wells.

So there should be some interesting results to occupy you soon.

(I hold BRU & NSE, looking to possibly enter KEY)