songas expansion approval, page-7

My thoughts?

KEY's track record would indicate no announcement from them as the final approval has not been announced by the Tanzanian authorities.

I'm surprised that Aminex are saying a 1st quarter 2011 drilling of Nyuni #2 given that they later say:

However, the Tanzanian authorities have indicated their willingness to negotiate a completely new PSA at Nyuni, to become effective upon expiry of the existing one and have indicated that they will be prepared to finalise this before further exploration drilling commences.

This is a plus for KEY in my opinion as it means that funds for Nyuni #2 won't likely be needed until the 2nd half of 2011 as I don't expect it to be drilled until then at the earliest as opposed to December 2010 as was previously mooted.

Of course this is only a plus if KEY can do something with their other licences, sell one or more, or actually get some positive results happening with either, or both, of the two North Perth Basin wells or Lidsey #2Hz.

The board spill is unfortunate for raisings (unless you are one of the investors expecting preferential treatment in any capital raising) as it creates uncertainty and potentially dissent between any new board members and the executives thus taking the focus away from the running of the business. This situation is not positive for the share price and thus will impact on any raisings and dilution of existing holders.

In the long run the Tanzanian assets are ones that I want held on to as they have the greatest potential. Note that the Pmean figure is now up to 2.8 TCF up from 2.5 TCF in Aminex's previous guidance and this does not include the entire licence area.