I would say KEY is at a crossroads. Its next step is critical to...

I would say KEY is at a crossroads. Its next step is critical to returning shareholders value. It still has a reasonable amount of cash but not enough for a another failure drilling wells, especially in this oil price environment.
The Canning basin assets still look ok but they need a farm in partner which seems hard to get as they have mentioned farming it out in a number of quarterlies.Perhaps if Buru have plenty of success it will lead to a rerating of their Canning Basin assets.
The Perth Basin assets from reading the results of Dunnart are now a little more difficult to exploit.KM was sure that oil was missed and was extremely confident that Dunnart would flow...it did not ,and it used up valuable cash reserves. That cannot happen again otherwise KEY will become too diluted. Although the general consensus believes oil is there in the North Perth Basin the prize is too small compared with the risk. and the geology has not been cracked, so the probabilities of success are still low.
There are now plenty of oil assets world wide that offer a better possibility and it is the right time to see if some of these distressed companies may let go of some good assets. Often he quarterlies have mentioned looking for new opportunities.
There is also now quite a Chinese influence on the decision making which may affect the direction KEY takes.
KM is young and ambitious and a good operator and he has tried to find success and I don't think he is about to give up