valuation and background, page-17

MrPeaman...

Given a better than expected result, say 50bcf+ (10bcf+ net to KEY) and flow rates around 10mmcf/d+, I see no reason why KEY would not carry a value on this field of at least 27c per well.

This is in addition to all other assets, including cash...and indeed, in addition to the upgraded value of the rest of the Nyuni block.

Further, with near term income likely, directly impacting future dilution, if the market warms to the idea, prices well over 50c would not at all surprise me.

Even if this field came in at just 15bcf, current prices are cheap.

I am expecting upside from future announcements...as I suspect is the rest of the market.

But who really knows what we will get?

Genuine story here though...the lack of buying prior to the announcement shows we have a tight ship with no leaks...and no interest from management to trade it for points.

Cheers!