not much hope, page-21

I guess the chart is too high as you are still looking to justify taking your 2c and running.

I'd love to here what your theory would be on how KEY should maximise their current position.

My observations:
- they are tied to what AEX (as operator) decide in relation to KN-1. Any delay might actually work out to the benefit of shareholders of all JV partners.
- The UK purchase is a tactical move by KEY, the motives of which are yet to be revealed. Financially it could also be quite positive.
- wait for the 2D seismic on KN-1 before making any SP assumptions.
- Tanzania's day is coming as a world class energy hub. The region is underexplored, but appears to have achieved rapid success (the degree is still to be confirmed) via KN-1. Don't forget Maurel & Prom's nearby Mafia Deep well - watch for the results on that one as well.
- Management have done it all before. They know the game.
- Cash is king at the moment. Why burn cash without an almost guaranteed chance of success? Management's actions to date lead me to believe that they are very confident using over half the cash reserves to purchase the producing UK assets - I think we will see a quick return on our $$'s on that purchase.
- The current SP really is very low relative to what we know, combined with KEY's current cash position.

Good luck holders. The story is getting better all the time.