key may have something to bank shortly, page-17

'so mudguy what are you hoping to achieve with all this seeing you don't hold options? Just a caring guy? Somehow I don't think this is it.'

It is unfortunate that you have such a pessimistic outlook on life Denum. Believe it or not, there are actually individuals who exist in the world that care about the welfare of others. For example, I volunteer my time to develop the life skills of underprivileged African refugees, whio have managed to escape genocide. Similarly, I am simply stating that it is quite possible that the options will be 'out of the money' come expiry date, and it would be wise, IMO, to avoid financial ruin.

But as long as you evaluate the information at hand thouroughly is all I ask. If you can come to the conclusion that you will be OK, then that's fine.

But again, assuming this bear market simply conforms with the average bear market, stated by highly regarded and well respected economist and market commentator Alan Kohler to last 18 months and fall 30%, then you are effectively betting on a near-100% rise in the Key shareprice, while the wider market continues to collapse. And again, he thinks it will be far worse this time.

Like I said, I only mean well. Just see it for what it is. Advice.

And yeah cash on hand is a worry, because this is my baby, and I want it to grow to full potential. And the options expiring out of the money will hinder this, unfortunately, so I'm always thinking about what they will do. But if you disregard Italy, and the JV choose to drill a land based well, than the 8M SHOULD be OK.

Look forward to 2010. They're in the bottom draw. That's the best thing about the heads. No expiry date attached.

All the best for March 2009. Honestly, I think you'll need it.

Mudguy.