Ann: Drilling and Operational Update, page-6

Gross production from the Who Dat assets is currently averaging over 40,000 bopd.


"The Baúna Project restarted production on 11 June 2024 BRT as scheduled.

Who Dat production is currently averaging over 40,000 barrels of oil equivalent per day on a gross basis."

"Baúna Production restarted on 11 June 2024 BRT following a scheduled three week annual maintenance shutdown. Daily production peaked at over 31,000 barrels of oil per day (bopd) on 13 June 2024 BRT and is projected to stabilise at approximately 25,000 bopd in line with expectations, prior to natural decline resuming."


Therefore, we are now producing 37,000 boepd ((40,000 x 30%) plus 25,000). I guess that when the faulty Well is fixed in Q3, then we will be producing an extra 3 or 4,000boepd.

So I imagine we are close to being a 40,000 boepd producer. Moreso, when the Natural Gas production resumes in the coming year.

Of course, 15% natural decline will weigh on production outlook but perhaps compensated by future production from the faulty Well. Although the BOD's form suggests they have already taken this into account with the 25,000 bopd.


With CapEx and Finance Charges spent, the total investment at Who Dat will come to over US$1b. Yet the BOD say they baulk at a Neon development decision because of the US$1b cost.

I still remain hopeful that the Who Dat investment will be justified.

The question remains is Neon development even engineerly feasible, let alone commercially viable?


Natural Decline:
FY24 40,000
FY25 34,000
FY26 28,900
FY27 24,565
FY28 20,880
FY29 is when Neon is currently estimated to begin production.

So KAR looks to average 30,000bopd plus ?boepd in Gas, before we spend US$1b to develop Neon and have it up and running ... hopefully.


Further, who knows if Who Dat will lead to any new Wells beginning?


Current MC of A$1.466b, net debt of zero (?) and Petrobras deferred acquisition costs still outstanding of ~A$200m.


Are we really only enterprise valued at A$1.666b? Anyone superstitious? A Company producing 30,000bopd for the next 15 years and most likely more, plus Gas.

Here we are producing the real Gold of value ... black Gold. We are now dancing with the WEF (via Macquarie), buy out giant Blackstone (via Who Dat) and now Israel Englander's Deathstar Capital. What could possibly go wrong?

"What, me worry?"