re: Ann: Key to raise $1.0 million by Private... The purpose of the capital raising is to provide additional working capital for the Company including exploration in the Onshore Canning Basin, Western Australia.
It would be nice if the announcement was clearer on what exploration the raising is to fund and a time span for when the work is to be done.
We are free carried for Cyrene #1 so it shouldn't be for that. Looking at the last quarterly the only other planned work was:
- Testing Programme of the completed Stokes Bay-1 well over the Anderson Formation intervals 2,455m to 2,470m and 2,510m to 2,535m which had elevated gas shows and oil shows intersected and evaluated on electric wireline logs. Potential recoverable gas 100 billion cubic feet. 14.8% owned by KEY.
- Workover programme and Production testing is planned for West Kora #1 to determine recoverable oil. 49% owned by KEY.
re: Ann: Key to raise $1.0 million by Private... The purpose of...
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