nyuni #2, page-25

Raw, Surnday and Rosnov,

Here is how I value of key for the shareholders:

value for shareholders = key assets - cost of running the company - spp-s.

Let us what happen here and I will try to be objective as much as I can:


- $2.5M at the bank: well, as u know money disappears very quickly in the form of consultation, salaries, etc.

- UK assets: we get 50 barrels per day and we paid for the HZ twice and that did not happen yet. No one ever calculated the profit from this field. Maybe it is not profitable at all. This deal cost us an arm and a leg.

TZ assets: TZ is not only an asset but also a commitment. So far, we lost 75% of the assets that we thought it is great.
WP= Nil. yes your are right but it cost us a million $ or so.
Suriname = 1.7%.
Italian assets: five years and I am waiting.


Key has a few assets. some of these assets cost the shareholders a lot of money (UK) and some assets there
is no progress at all.

I am more than convinced that the directors are milking the shareholders for thier own bank account and they are not interested to bring any value to the shareholders.

The true value of key is for the directors not for the shareholders. Each director gets around 300,000 p.a and has a consultation firm for key that also gets another $400,000. The directors will take care of the 2.5M, income from Uk, and the income from the future spp-s and the future income from TZ.

If the directors did not participated in the spp for WP and they are shareholders, that say everything about this company.