On most of KEY's projects (if not all) they aren't in...

On most of KEY's projects (if not all) they aren't in charge.

Progress is slow due to other parties project management, govt.s in immature countries/regions, long-winded bureaucracy and permitting bottle-necks.

Whilst not really a company maker I believe the UK assets will surprise to the upside, management aren't oil johnny-come lately's they know their stuff, if they are saying re-drilling/ work-over of the UK assets has a good chance of upside potential then I believe them. They area will be pretty well defined and lots of data exists for it so they can plan these things quite accurately to maximise production. So I believe production will be closer to upper limit than lower limit.

Most importantly it is 100% KEY, in mature region etc. so this can be fast-tracked and tied into facilities extremely quickly.

Most importantly, this will provide immediate income, for fixed overheads and some exploration/development, so will keep cap. raisings to a minimum AND THEN when the longer-term company makers kick-in the starting point will be a minimised equity-base, maximising income/share due to their tight capital structure.

The UK assets are a very astute move in my amateur opinion.

well-done management.

choice