tz sale inevitable, page-5

"but I reckon it is worth more than the current mc by a long way."

Gday pmunt,

Appreciate your rather long post for a simple question, lol. It is definately starting to get interesting now with Orca. I personally think Orca is all over KEY at the moment after their assets.

I am also sure Ken is fully aware of their true worth and is waiting until the price is right before they do a deal. It was interesting hear to Ken in the recent BRR interview refer to these assets as "significant gas assets" , which in context with his view on our other projects stood out for me.

I had previously put a value of c $6-8m on them, but to be honest I didnt fully appreciate the significance of the location of KEY's West Songo Songo to Orca's patch. Thanks for the information.

With regard to RAK and the selling of their four non-core assets, two of which are based in Tanzania. I got a shock when I read they expected to get "several tens of millions of dollars", according to a gas industry source. I am not sure how much individually they would fetch, but I am guessing their 25% of the jv with KEY would net them a tidy sum.

I am starting think that my initial value may be a tad light, by about $10m or so.

Cheers
R