KEY has a tonne more leverage. They both earn the same amount of cash if the prospect is a successful development but KEY was like ~10% as big as REY before any success. It's like having a shot glass and a schooner next to each other and tipping half a litre of beer into both glasses and the spillage is SP growth. That's why whenever you invest in a drill you invest in the company that offers the most leverage if you only want access to the price action on that one drill. At an inground value of $16 bbl I had KEY at something like 180% leverage at 1.3c (going to 3.6c) and REY 17% leverage at 12.5c (going to 14.5c). But it all depends on where you measure from as your base to factor in the SP rise and there are of course other factors, and it doesn't take into account upside in the field closer to p10 estimates and certainly doesn't include sentiment and excitement.
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