how big is key's ep448 goldwyer project ?

NSE's Goldwyer ground amounts to 45,00km2 or over 11mln gross acres. And we all know that ConocoPhillips secured as partner with US$109.5m farm-in, which means that NSE has 25% of the Goldwyer ground or about 15,000km2.


When looking at the Canning Basin map, my personal guess was that KEY's EP448 is a substantially big ground as well, somewhere about 10,000km2 and KEY entitles to 70% of the tenement. If this is correct, then how are we going to value EP448?

At the moment, NSE market cap is about $200mln vs KEY's $8.8mln. There is a lot of room for improvement in KEY's share price and future potential. The company is looking for a partner into its EP448 project and if it can bring a big fish in. In my mind, I have no doubt that the SP can easily push through 10c level which is still a tiny market cap of $28mln.