From presentation dated 28 June 2010 - they only had $2.75...

From presentation dated 28 June 2010 - they only had $2.75 million in cash, and expected revenue from oil production sales of $150-200K/month (is this the same as net profit and when does this cashflow start I wonder). See

http://www.asx.com.au/asxpdf/20100628/pdf/31r1bts8553fd5.pdf

The presentation indicated that the Perth Basin project had a total estimated cost of $2.25 million, with a one in three chance of success. Total production targeted is 400 barrels per day. KEY's financial input is limited to 60% of $2.25m (ie $AUD1.35m).

If the Perth Basin project is successful then we are going back to at least 20 cents/share I suppose. If it is not then we are going to....?

If the UK project is not delivering then they need to give it away or liquidate it - I have no idea if it is or can be made profitable. It is draining funds and management time.

The Tanzanian asset can be sold, but I have no idea what that will fetch. Well below its real value that I am sure of.

Given its assets KEY is far from lost, but it seems that money has been frittered away. I want to know more about the UK project's economic viability.

loki