Kalmsg, after the Resolution 4 voting I thought we could see...

Kalmsg, after the Resolution 4 voting I thought we could see single figures again before the end of 2009.

If there is no placement then I now expect the 10.5 cents to be the bottom with consolidation at 11.5 cents and above over the next week or two before drifting higher until the news flow resumes.

It looks very unlikely that we'll not get much, if any, news before the last week of January. That week we should see updates from KEY with their 2nd quarter activities and cashflow reports, and updates from Tullow & Aminex with their trading reports.

I am hopeful January will see the release of the seismic results but I am not holding my breath. As things stand now I believe the market focus will be centred around the upcoming UK assets workover which hopefully is still on track to commence in February.

I note from KEY's AGM presentation, slide 15 talks of a base case of 200 bopd from the Lidsey oil field following the drilling of the horizontal well. This suggests to me that they are quite confident of upside from this well, the only uncertainty is how much upside there is, 200 bopd being the minimum and 500 bopd being the likely maximum (although I note previous comments from Ken suggest that it could be even higher).