coe announces zeta deal, page-17

Oh, misread the first well US2.4m so the total amount is US13.6 in line with prior statements.

But the complete refund of earn-in costs is brand new and materially different as far as I can see. Basically we are funding the first well and taking all the risk.

The Zeta shareholders are getting access to all of KEY's assets and probably (due to board spill) not delivering a single cent of earn drilling funds from COE.

And the KEY shareholders are getting what???? Over US2m dollars of debt (converted to equity) (gee thanks for that favor) and a likely marginal asset that it looks like COE doesn't even like the look of!

And now I actually think the KEY board will push for this new no-value deal because I see 1.6 section vi) has been very cleverly worded to say the Zeta shares vest on the completion of a COE farmin deal, but does not qualify the terms of the farmin.

Boy we are royally ..........