can we have it back please, page-36

Gday Bad monkey

Welcome to the KEY thread.

With regards to your question “what other coy's were offered the Canning before KEY, if none - why not”.

IMO, this is probably something SHAG should be taking up with EGO management, if they have not already done so. I assume everybody supporting the group had input into what sort of questions should be asked to the board, your question is an obvious one. As a long-term KEY shareholder, I do not have an opinion.

With regards to your second question.

why would CM buy into Key if he's just got rid of it as a dud? seems a little odd if you buy back into what you previously owned”.

I think Surandy70 has answered this question, and agree it basically comes down to “timing”. and what has since transpired in the Canning since EGO sold Gulliver. I understand the decision to sell Gulliver at the time was so EGO could place greater focus on other assets.

Not sure if you know the history of KEY, however we were ready to acquire “Zeta Petroleum” several months earlier in 2011, which subsequently fell through. Within 3 weeks from that notification, yes 3 weeks, KEY came out and said we were now acquiring Gulliver.

I asked one of the KEY directors at the time around how quickly this deal came about, and was told that “they would like to think they had a back up plan in case the Zeta deal fell through”. IMO, this says to me that they must have been talking to the EGO Board several months earlier, maybe around August or September 2011.

So, imo, if you look at what has happened in the Canning from around August 2011 until May 2012 (10 months), and the subsequent interest from international players, IMO, the rationale for buying into KEY is there. Anyway, below is a quick summary of some of the KEY announcement made and timelines if you are interested:

2/5/11 Key acquires Zeta Petroleum
3/10/11 Termination of Zeta deal
24/10/11 key acquires Interest in Canning Basin 8/12/11 Gulliver deal completed and board changes 14/2/12 KM appointed CEO
3/4/12 KM appointed Director
4/4/12 New KEY strategy – “The Canning Basin Push”

Cheers
R