starts firm again, page-26

a good deal but reality required Looflah,

Perhaps you are getting just a wee tiny bit ahead of yourself. There is no gas find...yet.

Yes IF there is a decent gas find, then I'd agree $20 ps might be on the cards, however if as usually happens in the O&G game the wells are dry, then 20 cps is also a possibility imo. A very high risk game.

Imho, getting CP on board is very good. The market didn't like, probably because they saw the farmout value offered as valuing KAR's retained 49% at around A$80mm, which considering it is their main asset and nearly 50% of their capitalisatn "on the face of it" leaves a lot of bluesky.

However, that assumes CP is only bringing cash to the table. They obviously bring a lot more. Lots of credibility, access to resources, and technical and project mgmt clout. No oil major, or supermajor brings that into a JV with a flea for nothing. So maybe twice the $ value is a fair reflection of the value of the retained 49%. Or maybe thrice??

Discl: I don't hold, never have, and offer no buy/sell opinion on it.

EL