I listened to the FY23 Presentation back in Aug23. I referred to...

I listened to the FY23 Presentation back in Aug23. I referred to it in my post of 23Aug23.

During Q&A time, Scotty said:

"He sounded most positive about Neon, although with first production still 5 years out, he was interested in a fill in asset between Bauna and then.In particular, he was seeking a partner to develop it, for cost mitigation"

He said this after he said:

"I got the impression he was moreso (very) interested in M&A in the Gulf of Mexico, even a non operating interest but is waiting for the Price is Right. Existing finance is being renegotiated, despite FY24 FCF. What other reason could there be (for not addressing shareholder returns)?"

The GOM purchase proved correct, perhaps he's hawking the Neon prospect to potential partner/developers?

They have always said Neon concept select decision would be announced late Q1CY24.


The Macquarie presentation on 27Nov23 noted KAR had US$80m cash after completing the GOM acquisition. Plus Brazil operating cashflow and US$66m in undrawn US debt facility, they have plenty of cash to meet the Petrobras deferred acquisition payment on 30Jan24.

While GOM cashflow was eaten up by infill drilling, I would imagine it is now cash contributing since that announcement.