aminex update, page-5

The market will ultimately decide what KEY is worth.

KEY's current M/C is ~$10M. EV is ~$3M if you take out their cash.

I think they are some extremely conservative numbers based on what we know already. All we need is some activity/progress regarding seismic and commercialisation and the SP should rise. Looks like progress will be made throughout the remainder of 2009.

Most of the big boys have interests in the region, and will definitely be watching results as they come to hand.

I think there is a fair chance that KEY will farm-in to AEX's planned oil exploration campaign in the south, especially if they are making progress with the commercialisation of N1. I can't wait for drilling in WSS - I think the region is going to become a oil and gas production hub sooner than we think.