My main problem with rights issues is the impact it has short...

My main problem with rights issues is the impact it has short term on the share price. Typically the share price drops to around, or close to, the issue price instead of being priced on fundamentals.

Dapper, you are right, the UK assets won't be a cash cow. But once worked over they should give sufficient cashflow so that KEY won't need to keep coming back to the market for more funds in the next year or two based on current plans.

If KN#1 can be commercialised within the next 12 months then, on current plans, they'd have sufficient cashflow to do them another 5 or 6 years, if not longer.