Prior to the GFC we were told at an AGM that they had been approached by three majors regarding a JV one of those was BHP. Because KZL had a lot of cash coming in and they were going to offload Lounge Lizard after they had drilled a proved up a good resource, this was going to fund a good deal of what they wanted to do. They told us that they just said, Thanks but no thanks, we would like to progress this further ourselves which was a feeling everyone at the AGM seemed happy with. Who was to know what was just around the corner with the GFC and collapse in metals prices combined with a surging Ossie $ it has all combined to be a bit of a poison chalice.
Its all very disappointing.
Thing is, we cant change the past, just have to keep trying to survive long enough for a recovery or the ossie $ to fall to 90c or both
KZL Price at posting:
19.5¢ Sentiment: None Disclosure: Held
