brazil - sub salt.... billions of boe, page-5

Aus agree 100%,

You point re looking at other Auctions was interesting...shouldn't be long before we get someone thinking we are 'spreading ourselvess too thin'

The transition from O & G Exploration to producer is upon us and we are still activley seeking more opportunites and you'd expect no less.

Marjua continues to be very interesting even though it seems slightly behind in terms of producing...think it proves another great move by Bob to go with Pacific as opposed to Petrobas....Marjua is a case in point...capable of producing 30,000 BOO per day and it is on the 'backburner' in reality...they have much bigger fish to fry Petrobas, in the deep sea stuff.

So we kept the biggest prize as i had indicated for ages the DEEP SEA stuff in Brazil - it is a...great entree we are entering into but the main meal is as Tim Hoskin says is the billions of BOE in the deep sea stuff.....even

Woody might be able to ad these numbers together now and see why it was very conservative that our resource upgraded to at least 'double' from previous D & M Reports.... as they didn't even ad this deep sea stuff as it wasn't part of the report..

Likewise we would not be doing JV for deep sea stuff with Pacific...it clearly states only 4 rigs capable and that menas the BIG BOYS will be playing with KAR in the deep sea stuff... hence why we retained all this.

We will partner up with a mega name ...nothing surer.

KAR now too tightly held and AUS market is 100% risk averse...if it doesn't have a % ROI noone including funds will touch it.

We should be listed overseas...we are doing road shows there now....why not in AUS, simply no money out here and very little understanding of the assets.....so this is why we don't even trade!!!!!!!!!!!!!

How many Broker Reports out there over $10? As i said the other day...we recommenced drilling at Kronos at $5.55 that day ; since we did Brazil deal $250 million, cored 108 metres and announce Production Test, awarded Bonparte Basin Leases, doubled ( love that one Woody ) the resource sise in South America. Retained 75% ownership in Peru which looks , according to D & M to be bigger than Brazil.... and YEP trading at $5.30 and ASX market higher today than they day we re:commenced Kronos.

Big boys just using as their play thing becasue they can...no-one there to buy the story.

Sermon over