Is it safe to assume that keys not followed by = sign are null? If so, how would you define a key?

For example: key1=abcd key2 key3=123

What is actually expected output? This one? 

key1=abcd key2
key3=123

[download]
Or this one? 
key1=abcd
key2=null
key3=123

[download]
How do you recognize null keys inside the string? Should key2 be treated as key, or is it actually part of value to be stored in key1?

In reply to Re^3: Splitting a long row with multiple delimiters. by jahero
in thread Splitting a long row with multiple delimiters. by dipit

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