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recoding key to immobilizer on speedfight 100?

i have A PEUGEOT SPEEDFIGHT 2 WITH two keys,, one has a red bit with a black chip inside,, is this the master key?? the other is a black sealed key, my immobilizer light blinks 2/3 times then stays on constantly when i try starting it up :-( HELP PLEASE
kevin, October 2013
link Click here to see other fixes for Peugeot Speedfight 2.