still cheap, page-41

Austin,

This will more than likely be the spin-off from the KIK pending position in SC54A imo, ie 15.05% retained and carried interest.

It indicates to the mkt that works in SC54A can now most likely proceed unhindered by financial constraint...depending who the farminee is, but they must be reasonable to grab a 15.05% interest and pay 30.1% of costs...a very good deal for KIK if it goes through, especially when you consider the terms for the Trafigura and TG World farmins.

Actually, it wouldn't surprise me to see NDO farmout a bit more of their slice (may even go where KIK's went...15% from NDO would see a new operator), probably not for a carry, but for working capital...they would've been aware that Galoc was going to be shut in for 3 mths with a loss of up to half the income we were expecting prior to the SC63 drill.

Perhaps this might explain some of the buying, even before any news!