KEY 0.00% 0.1¢ key petroleum limited

Dennis, I'm too busy working to earn back the money I've lost on...

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  1. 6,736 Posts.
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    Dennis, I'm too busy working to earn back the money I've lost on KEY to give you a call during business hours.

    I note that the number you have posted on here is different from the number you included in your letter responding to the author of the Save Key Petroleum - Vote Against The Acquasition Of Zeta Petroleum. Which is it Dennis? 0893892111 or 0893892121?

    In your ASX Announcement responding to the letter that was sent to some shareholders, not all as you suspect was the case, you state that KEY does not have the funds to commit to drilling a well in the UK. Can you tell me then why KEY has made two capital raisings with the specific purpose of raising the cash to drill a well in the UK?

    In regards to the cash position I note that in presentations regarding the acquisition of the UK assets the table setting out the cashflow benefit of the acquisition including operating costs of US$20 per barrel of oil, so why is it that the operating profit from those assets has been so low, much lower than the estimated operating costs would suggest with an oil price above US$60 per barrel?

    Also, in the Notice of Meeting and Explanatory Notes KEY has not given any information relating to expected expenditure on administration, there are no audited accounts for Zeta provided, and the independent report itself clearly states that the proposed acquisition is not FAIR for existing shareholders.

    Why would you think I would want to vote for this deal?

    If the full number of shares are issued I will be diluted to about 20% and then further diluted as Zeta will undertake a third capital raising to fund Lidsey #2z.

    My vote is already in and I have voted against all resolutions and believe that all shareholders should do the same.
 
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