time to show the face, page-43

GZ - I keep adding 2 + 2 and getting 6 as the answer. It does not make any sense.

1) Why no information on Poseidon North.
2) Why have to ask for a second extension.
3) Are they going to sell out or merge of some sort?


If I had to look at things in a different manner what would I do?
Poseidon North may have problems given we are drilling on a slanted fault high on the site. Consider I was using that as an Ace, or, the potential new partner wanted to see results on the site.

One thing we will never know is the intent of the site selection. Why drill here instead close to Poseidon 1 where we have a good idea where the sands are and what the potential value may be? The answer may be that there is value in knowing the limits of the area of the Poseidon field. We are still punching holes in the ground that cost big bucks for some reason. This may imply they may not expect to have major hits on each drill.

Given we are in the process of having major long term cash problems, we need a cash infusion. Therefore, some sort of sale of assets, merger, or sell out. What would it be? I SUGGEST that there is a major player WANTING to come aboard and our ace in the hole did not play out as expected causing additional negotiations.

There is value in Karoon. There is value in the Browse Basin. Karoon does not have to go into panic mode at this point because of cash. We are getting close but not yet. What this is telling me is the potential new partner has experience in oil and gas and knows what is going on. How do you set a price when the stock is in a state of constant change?

Karoon will come back and the stock will go up. That is my opinion. Now let’s see if my Karoon math works?


Three men go to a motel to get a room and the manager said it would be $30 dollars. Each man gave the manager $10 dollars.

Later the manager realized the room was only $25 dollars and gave the bell hop $5 dollar bills to give to the men. The wise bellhop could not divide the 5 bills even among each man so he decided to put $2 dollars in his own pocket an give each man a dollar back.
How much did each man pay for the room? $10 - $1 = $9
The bellhop kept $2 dollars, the men paid $27. $2 + $27 = $29. They paid $30 in the beginning. Where is the other dollar?