anyone made any profit from key?, page-14

The drill pad is already finished.The other joint venture partners wanted some specific things that key possible would not have done if it was acting alone which would have reduced the initial pad costs.Cyclone fencing has been done but I dont know the cost.The whole thing has been very professionly done all possible risks covered.

The operating of the drilling is keys responsibility.Key was the party that organised the smaller rig which will give a huge cost saving and as I have said the anticipated extra contribution by key amounts to no more than$500000 which I would think well and truly covers drilling of Waugh.Maybe they will farmout some of their Perth basin commitment.

At the time the raising of funds at what appeared to be a lowpoint has proved to be correct as to raise money in this market time point it would been substantially lower.So they have the money to drill two potentially liquid rich targets.