I think KEY has structured it's investments in such a way that...

I think KEY has structured it's investments in such a way that they won't need to go to the market for additional capital before 2009, if at all.

Suriname and/or Tanzania hopefully will be commercial thus providing some funds to KEY. Those funds can then be used to drill Borsano #1 and possibly more wells in Italy.

If the above does not meet their capital requirements then they can farm out some or all of the Italian permits.

Assuming Tanzania and/or Borsano is commercial then the options should be well and truly in the money thus giving KEY an additional $15m in cash.