valuation and background, page-34

Yeah Ya nice to have you onboard, and I agree with you in full.

These guys had the balls to go offshore Mauritania in the middle of nowhere, where people wrote off their chances due to the fact offshore Mauritania did not have one commerical oil discovery. These fellows marched in with a piece of pipe and said bang bang, there's your 800 million barrels and thankyou very much for the rabbits.

I put it to my HC compatriots that KEY has the best management of all junior oilers - the majors would offer these fellows board positions. And you know why? Check this out for shrewd business practice...how does 99 million bucks in one month sound?

"Mr Ellyard names as a "highlight" the sale of other Mauritania interests, purchased from ENI-Agip in January, to British Gas a month later, for a handy $US99 million profit."

Full text: http://www.theage.com.au/articles/2004/06/30/1088488026347.html