research - price target $9.18 - baillieu, page-31

Swannie,

My point about timeliness is that while if the occasional thing is late, or just a little bit over time, you can blame bad luck, but with KAR, it seems everything takes far, far longer than predicted.

With that being the case, I'm starting to wonder if management, for all their talent for sniffing out oil and gas, could organise a 'drinking session' in a brewery.

With 3 wells required, noone else (currently) to lean on to assist, and KAR seeming likely to retain the lead in Brazil, I can only hope this situation will improve rapidly, or it could have grave consequences.

As you suggested, nobody will give us any latitude here, and if we need to throw something together towards the end to get that last well in, it would be hideously expensive.