tanzania, page-2

Well lets disect that for KEY shall we?
"The minimum financial commitment for Aminex and Key Petroleum under the PSA for this initial period is US$14.25 million."

So we are going to be up for $7.125m before July 2012 (unless further extension sought).
"The work programme commitment in the current initial exploration period, which expires in July 2012, includes reprocessing of existing seismic, geological and geophysical studies and the drilling of two wells. The first of these two wells is required to be drilled by July 2011. "

Really - when have KEY actually drilled a well on time? Of course they needed an extension!

Concerns for me - the Tanzanian government is going to see KEY reducing their interest in one area, and trying to extend it in another. And also a company with minimum cash on hand. What do you think our chances are of getting this extension? SLim I think.

I smell another 'gift' to aminex! Like everyone else I would love something from the board as to what they are doing with West Songo Songo. I think if they tried to give it away like Nyuni, there be nothing left of the share price to even consider doing anything with.

At the moment our last hope seems to be that they actually acheive something with the UK drill (if they can afford it), and actually acheive something close to the BOPD that they are seeking (wasn't it 300?).

Anyone else got thoughts on this?